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The Market Wrap for October 16: Choppiness Reigns Supreme

Aaron Levitt Oct 16, 2020

It’s beginning to sound like a broken record, but volatility once again ruled the market during the past week. The continued pressures of the political environment in the U.S. managed to keep traders on their toes as they digested the latest news, including the lack of a much-needed stimulus plan. As with other recent weeks, Democrats and Whitehouse officials could not come to an agreement over new fiscal stimulus measures to battle the contracting economy.

This comes as new COVID-19 cases have begun to spike.

However, there was good news on the street, with some economic data released – including key consumer and retail sales figures – showing a huge snapback from prior lows. Meanwhile, earnings season is upon us, and so far, the results have been pretty encouraging. At the same time, a hefty dose of positive corporate actions, including a few big mergers/buyouts, buoyed the week’s trading.

All in all, it was another week of grinding ahead and seeing some waves.

Be sure to check out our previous Wrap here, when stocks gyrated on stimulus hopes.

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