Dow, Nasdaq, And Russell 2000 All Close Higher For The Week _money_1010_565x377.jpg) Image: Bigstock Stocks closed mostly higher on Thursday with only the small-cap Russell 2000 ticking down -0.16%. But the Russell finished up for the week with a strong 1.72%, making it the 8th weekly gain in a row. Pretty incredible.
The Dow and the Nasdaq were up for the week as well, making it their 2nd week in a row. The S&P just missed the cut, but only by -6.35 points or -0.17%.
In four days, 2020 will come to a close. In spite of the immense challenges the world has faced this year, the market has put in an amazing performance. And it's been one of the bright spots in these difficult times.
YTD, the Dow is up 5.47%; the S&P is up 14.47%; the small-cap Russell 2000 is up 20.66%; and the tech-heavy Nasdaq is up 41.95%.
Late Sunday night, we got word that the President signed the Covid relief bill. As flawed as it was ($600 checks vs. the $2,000 he and others wanted), it likely came down to 'something was better than nothing,' as time had run out for many with their unemployment benefits having finally expired.
Hopefully, talk of additional relief/stimulus carries on.
In the meantime, the economy continues to rebound. The 3rd and final estimate for Q3 GDP was just bumped up from 33.1% to 33.4%. A new record. Q4 GDP, according to estimates from the Federal Reserve Bank of Atlanta, is expected to come in at 11.1%. And aside from last quarter, that would be the highest quarterly growth rate in more than 37 years. And full-year GDP in 2021 is expected to be the best in 38 years!
So it looks like there's a lot more good news ahead for the economy.
And a lot more upside to go for the markets.
See you tomorrow, 
Kevin Matras Executive Vice President, Zacks Investment Research |
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