MWM Weekly Update

The Week of March 30, 2020

MWM Weekly Update

The Week of March 30, 2020

In the Markets

  • Stocks opened the week as they closed the previous one — in a tailspin. However, aggressive moves by the Federal Reserve late in the day, coupled with the hope of a massive aid package from Congress, helped push stocks higher during early trading Tuesday.

    News of the passage of massive stimulus legislation was enough of a positive impetus to send investors back to the markets in droves on Tuesday. The Dow surged to its highest single-day gain since 1933 as it climbed more than 11% by the end of the day. Unfortunately, as debate on the bill continued by the closing bell on Wednesday, the benchmark indexes gave back most of the previous day's gains. The Dow closed up 2.39%, marking the first back-to-back daily gains since the first week of February.

    Passage by the Senate of the coronavirus relief package Wednesday night spurred investor optimism as stocks surged Thursday, despite a record number of unemployment insurance claims primarily due to the COVID-19 virus. By the close of trading, each of the benchmark indexes had posted sizable gains, marking a legitimate bull run. But how long will it last?

    Unfortunately, the ride didn't last as long as hoped as stocks closed last Friday in the red for the day, but significantly higher than they began the week. Following a volatile week of stock prices, the week closed with the Dow recording its best weekly gain since 1938. Ultimately, the passage of the massive coronavirus rescue package, referred to as the CARES Act, gave investors enough encouragement to plunge back into the market.

Source: Broadridge Investor Communication Solutions, Inc.

  • We are about to get more accurate information on the impact of the coronavirus on the economy with this week's economic reports on employment and manufacturing. We may also begin to see whether the recently passed support legislation affects the stock market.

Source: Broadridge Investor Communication Solutions, Inc.

Articles & Education

CARES Act: Rebates, Health Coverage, Homeownership and More

Review provisions that include recovery rebates, expansion of qualified HSA uses and tenant protection.

CARES Act for Businesses

As the COVID-19 pandemic has affected life in ways we couldn’t imagine, the deadly virus and efforts to contain the spread have prompted a significant government response.
Investment Term of the Week

Thought of the Week

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