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The Market Wrap For June 12: A Fading Rally

Aaron Levitt Jun 12, 2020

Volatility reigned once again this week. Stocks ebbed and flowed on a combination of good and poor news. On one hand, the COVID-19 pandemic seems to be abating and traders continue to focus on the reopening of America. So far, the number of new cases hasn’t spiked and the predicted intense snapback also hasn’t occurred. This has provided much enthusiasm for much of the market’s rally – both this week and in previous trading sessions.

However, this week reminded us of the significant damage done by the pandemic.

Federal Reserve Chair Powell gave a very negative speech on the economy and the issues it faces. President Trump’s challenges of handling the ongoing economic situation didn’t help elevate investors’ spirits either.

Neither did the continuing situation revolving around the Civil Rights protests and developments with China’s handling of Hong Kong.

In the end, when you add in the really poor earnings this week, investors sent stocks sliding during the back half of the trading sessions.

Be sure to check out our previous edition of Market Wrap here when markets rallied despite civil rights protests.

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