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Bob Carey
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  US Stock Markets Ended July 17, 2020
Posted Under: Weekly Market Commentary
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Stocks rose for a third straight week as the S&P 500 gained 1.27% after the first wave of corporate earnings were reported. Cautious optimism surrounds earnings season as companies try to look beyond the effects of the shutdown and into the future. The market responded in step on a sector basis with Industrials and Materials stocks leading the S&P 500 last week and Consumer Discretionary and Information Technology holdings waded into negative territory. Netflix reported less than stellar results on Friday and gave disappointing guidance to user growth for the third quarter. The tech giant had been trending higher into earnings season and analysts did not waiver in their optimism while raising price targets on the shares despite company guidance. States around the country have also begun to lay out their plans for various stages of reopening. On Friday, California ordered its hardest hit counties to only offer online learning with no option for an on-campus instruction. This move comes after Governor Gavin Newsom ordered a reversal of opening restaurants, bars, gyms, and hair salons earlier this month. On the relief front, Treasury Secretary Steven Mnuchin told the House Small Business Committee the government should consider forgiving small business loans under the Paycheck Protection Program (PPP), although he did not specify which business would qualify for loan forgiveness. The PPP has approved over 4.9 million loans totaling $518.1 billion dollars. Earnings will be in focus next week as well as 88 companies in the S&P 500 are set to report quarterly results.
Posted on Monday, July 20, 2020 @ 8:06 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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