US Stock Markets Ended Sept. 25, 2020
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With less than a week to close out the third quarter, stocks closed slightly lower than last week with the S&P 500 contracting by -0.61%. Hopes of a stimulus package dwindled last week after representatives expressed doubts of a deal between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin being struck by election day. However, most headlines were overshadowed by the passing of Supreme Court Justice Ruth Bader-Ginsburg. The partisan divide was expressed on whether a confirmation hearing would be appropriate in the last weeks of President Trump's first term. On Friday, after an up and down week, stocks rallied late on the strength of rebounding Information Technology stocks. Twitter rallied over 9% last week after reporting increased user engagement. The platform has been seen to be less prone to manipulation than other social media portals. A sense of hope was felt in the restaurant industry as Darden Inc., the parent company of Olive Garden and Red Lobster, reported better than expected earnings and margins. Reduced capacity dining was offset by carryout orders, boosting the company's first quarter earnings. Investors will gauge the economy next week when 2Q GDP is released on Wednesday, closing out the quarter and preceding earning season.
Posted on Monday, September 28, 2020 @ 8:47 AM

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.