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Bob Carey
Chief Market Strategist
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  US Stock Markets Ended Oct. 23, 2020
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Stocks ended the week slightly lower than last week reversing consecutive weekly gains for the S&P 500. Technology was the laggard sector in the index returning -2.21% versus -0.51% in the S&P 500. Small cap stocks bucked a longer term trend by outperforming their large cap peers. The Russell 2000 posted a gain of 0.42% last week on the strength of positive earnings results. In Washington, renewed talks of a stimulus package had the market pointing upward on Friday. Coming off Thursday's final presidential debate, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin pointed at each other to bring their respective sides back to the bargaining table. Speaker Pelosi said it was up to the President to persuade the GOP to agree to any potential package. A surge in positive Covid tests in the Midwest, at a rate three times worse per capita than the Northeast, coupled with rising positivity rates and hospitalizations signaled the outbreaks possible expansion outside of the region. Covid hospitalizations in New York topped 1000, the highest total since June. Hospitals in counties bordering the emerging hot spot state of Pennsylvania were among the notable datapoints. Looking ahead to next week, the largest names in tech are set to report quarterly earnings. Investors will have the companies outlooks on their radar as the largest technology names have driven market sentiment over the past few years. On the economic calendar, new home sales and durable goods are set to hit the tape on Monday and Tuesday, respectively.
Posted on Monday, October 26, 2020 @ 8:05 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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