Stock Market 2020 Performance:
Despite increased volatility, Americans must feel better about the stock market, which exhibited tremendous resolve last week. Just think when we came in last Monday, we braced for a potential drubbing. Instead, our market diverged from China, which was off more than 8%.
Even with selling on Friday, it was the best week for the Dow Jones Industrial Average (DJIA) and the S&P 500 in months. Individual investors are certainly outperforming professionals who came into 2020 avoiding stocks and loading up in commodities like crude oil. Plus, those millennial investors are making a fortune in Tesla (TSLA) +16% for the week, and +79% year-to-date.
Obviously, the market breadth was negative, but even with some selling into the weekend, new highs dwarfed new lows.
The earnings season is more than halfway through. The biggest economic reports have been released, so the market will have more organic cues.
The major indices are down this morning. Telsa (TSLA) is off to the races again on news that China will help electric car manufacturers get back up and running as soon as possible, and a rumor of a potential acquisition by Google/Alphabet.
There is no economic news out today.
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