Weekly Market Commentary 12/25/2020
-Darren Leavitt, CFA
US equity markets were mixed in a holiday-shortened week. Corporate news was limited but influenced individual issues while trade was relatively subdued. Investors continued to focus on Washington negotiations for a resolution on another tranche of coronavirus stimulus. The EU and the UK came to a post-Brexit trade agreement even as the UK increased lockdown measures to combat a new strain of Covid19 that appears to be spreading at a much higher rate.
For the week, the S&P 500 lost 0.52%, the Dow shed 0.34%, the NASDAQ increased by 0.31%, and the Russell tacked on 1.72%. The US yield curve was little changed, with the 2-year note yield rising one basis point to close at 0.12% and the 10-year bond yield falling two basis points to close at 0.93%. Gold lost just over $7 to close at $1882.60 an Oz. Oil prices fell $0.74 to close at $48.30 a barrel.
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