Weekly Market Recap – Week Ending June 19th, 2020
What Did The Market Indexes Do?
|Dow Jones Industrial Average||+1.1%||25,871.5||-8.2%|
|NASDAQ Composite Index||+3.7%||9,946.1||+11.4%|
|S&P 500 Index||+1.9%||3,097.7||-3.2% |
Deal of the Day: Chase is now offering a $200 cash bonus when opening a Total Checking Account. No minimum deposit and all deposits are FDIC insured up to the $250,000 per depositor maximum.
Stocks Come Back
After taking a beating last week, the major indexes made a comeback this week, even if it was small gains. The Dow closed up about 1%, the S&P closed up around 2%, while the NASDAQ had another hot week, closing up close to 4%, and came close to hitting its previous record from a week and a half ago of 10,000. Most of the traction came on Monday and Tuesday, though, as the rest of the week’s performance was somewhat flat.
Retail Sales Surge
In a surprising comeback, retail sales surged in May, increasing almost 18% following two months of what were record drops (and still 8% lower than February). It’s still good news, though, and it’s primarily due to the fact that many stores began reopening and COVID-related restrictions were relaxed a bit across the country.
Oil Goes Up Again
Can you believe that crude oil was around $18 a barrel in April? If you’ve missed the investment side of that, you may have to wait a bit longer for a deal, as crude oil crossed $40 a barrel on Friday afternoon as its trend continues upward. Remember, though, at the close of last year, crude was around $61 a barrel–so there might still be an opening for an investment opportunity if you know what to look for.
The Fed is Helping Again
If you recall, the Fed started buying bond ETFs back in March as a way to help strengthen the credit markets and help keep the economy from completely collapsing. Experts debate whether or not this specific tactic worked, but regardless, the Fed was jumping in to help. And now they’re doing it again. The Federal Reserve announced that they’d begin buying individual corporate bonds to continue strengthening credit markets.
What to Watch for This Week
By end of day Tuesday, we should have an idea on how home sales are trending, after two major reports are released. Remember, home sales tanked back in April by around 18%. This will be important to see if the real estate market is starting to make a comeback or not.
On Thursday, the U.S. Bureau of Economic Analysis will release their third estimate for first-quarter GDP, which we saw last week was already deemed a recession. We’ll also get an update on unemployment claims across the U.S. and Friday brings a new update for the University of Michigan’s Consumer Sentiment Index.
Invest Your Money
Looking for a more hands-off approach to investing? Let a robo advisor take the wheel. Below is a list of the best robo advisors and a brief description on which type of investor each one is best for.
|Ally Invest||Portfolio diversification|
|Wealthfront||First time investors|
|Personal Capital||Large investors|
|Acorns||Students and young investors|
|M1 Finance||Customizing your portfolio|
|Wealthsimple||Unique investment options like SRI|
|Vanguard Personal Advisor Services||High net worth, buy and hold investors|