The week on Wall Street
Despite a historic downturn in employment, stocks managed to climb higher last week as investors were emboldened by the pace of economic re-openings, both here and abroad.
The Dow Jones Industrial Average gained 2.56%, while the Standard & Poor’s 500 advanced 3.50%. The Nasdaq Composite Index jumped 6.00% for the week. The MSCI EAFE Index, which tracks developed overseas stock markets, slipped 1.09%.1,2,3
Tech Stocks Power NASDAQ
Last week’s trading was driven by a crosscurrent of emotions — worries about weak corporate earnings pace of business re-openings as well as optimism over the pickup in economic activity and progress on developing a vaccine.
Stocks posted back-to-back daily gains to end the week despite troubling employment data. Perhaps the headline of the week was that the technology-heavy NASDAQ Composite Index moved into positive territory year-to-date.4,5
A “Silver Lining” in the Jobs Report?
Last week brought into stark focus the number of jobs lost since the start of the economic shutdown. Since mid-March, unemployment insurance claims have reached 33.5 million. The pace of newly unemployed has slowed down, however, with recent weeks at about half the rate at the peak in late March.6,7
April’s employment report, released on Friday, saw a spike to 14.7% in the unemployment rate. As severe as these numbers may be, 88% of April’s newly unemployed characterized their job loss as temporary rather than permanent, as opposed to 47% of the newly unemployed in March who said their job loss was temporary.8,9
We are donating to a local charity every week to help fight the coronavirus pandemic!
Here at Mahoney Asset Management we think it is important to give back and support our local communities at this time of need. As a result, this week we are donating to the Food Bank of the Hudson Valley.
Our donation directly supports individuals and families who can’t access food, or a hot meal during this hard time. The Food Bank of the Hudson Valley are able to stretch every dollar donated into four meals for our community members, which include Orange, Ulster, Dutchess, Rockland, Sullivan, Putnam and Westchester counties.
All donations will help alleviate hunger and prevent food waste throughout the region, so if you would also like to donate and help in the fight against coronavirus, click here.
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