Improving economic data led stocks to advance this week, even as total coronavirus case numbers continue to mount. Data tracking consumer confidence, pending home sales, manufacturing, and employment were all better than expected.
This week, the S&P 500 Index gained 4.0% while the Dow Jones Industrial Average rose 3.3%. Since March lows, the S&P is up 42.8% while the Dow has advanced 41.8%. The monthly jobs report for June crushed consensus expectations, as non-farm payrolls increased by 4.8 million workers and the national unemployment rate fell to 11.1%. In a separate report, weekly unemployment claims were not as stellar: first-time claims fell slightly to 1.4 million, but continuing unemployment claims rose slightly to 19.3 million. As states continue to loosen and tighten reopening restrictions on the service segment of their economies, we will likely see additional choppiness in claims as workers could toggle between employed and unemployed.
Over this tumultuous first half of the year, our focus has remained rooted in supporting our clients and community. We are committed to providing ongoing communication to discuss real-time issues. If you haven’t had an opportunity, please review the following webinars:
Our Cybersecurity training webinar featuring Adam Moseley, Managing Director, Schwab.
Our Leading Through Crisis webinar series featuring business and industry leaders, Justin Erickson, CEO Harbor Foods and Scott Ward VP Sales Hostess Brands. This webinar provided insight on how the food distribution was impacted during the crisis.
Our Leading Through Crisis webinar featuring, Jeffrey Kleintop, Chief Global Investment Strategist for Charles Schwab.
As we move into the second half of 2020, our commitment remains to be here for you each step of the way. As always, please contact us with any questions about the economy and your financial plan. Please click below to watch today’s video post as Nathan Mersereau’s #outlookandopportunities provides positive insights as the Dow Jones finishes its strongest quarterly performance since 1987.
Have an enjoyable 4th of July!