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As we’ve seen since the beginning of the pandemic, volatility is the theme for the markets. This week was no different. Investors continued to flip-flop the day’s trading based on the evolving situation surrounding the coronavirus, the economy, and now strained relations with China.
On the coronavirus front, the number of COVID-19 cases continues to rise as many U.S. states have opened their economies. This has continued to throw cold water on the economic recovery as analysts now predict governments will be forced to close their economies once again. This comes at a time when data continues to be poor and slipping. After last week’s jobless claims rose, this week saw weaker manufacturing, consumer, and housing data. Moreover, total economic activity as measured by GDP plunged.
However, investors did get some good news from earnings. Technology leaders have started to report and numbers have been great. Driven by their high margins and steady revenues, many of the largest tech firms helped keep the markets moving higher throughout the week. Add in continued support from the Fed and there was some news to cheer about.
All in all, stocks continued to ebb and flow throughout the week.
Be sure to check out our previous Wrap here, when vaccine hopes caused a market surge.