MARKET NEWS
Here is the market update for the last week, Sept. 28th – Oct. 2nd.
- DJIA – up 1.9%
- S&P 500 – up 1.5%
- NASDAQ – up 1.5%
With all three major markets up between 1-2% last week, we snapped a 4 week decline in the markets. The declines in the month of September, however, snapped 5 straight months of gains following the big first quarter declines triggered by the pandemic. The president tested positive for COVID-19 late last Thursday, which sent the market down Friday as the country continues to brace for more uncertainty heading into the election. Additionally, congress has still failed to pass a stimulus bill, which makes it increasingly less likely that a bill will be passed before November 3rd.
For the year, the markets are:
- DJIA – down 1.3%
- S&P 500 – up 5.1%
- NASDAQ – up 24.3%
The performance of the NASDAQ from April through September was the best the index has done over two consecutive quarters since 2000 and the S&P 500’s best results since 2009. Earnings season is right around the corner as the quarter ended last week. Expectations are low but seen in a better light recently. Expect corporate earnings and increasing political tensions to drive the market’s performance over the next month.