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Market commentary 2nd Quarter 2020

15 July 2020

Markets were up significantly for the quarter as rapid monetary and fiscal policy reactions to the global pandemic dampened the negative economic impact. U.S. stocks (S&P 500) were up 20.54%, marking their best quarter in over 20 years and erasing most but not all of the first quarter loss. Emerging markets and foreign developed markets were up 18.08% and 14.88%, respectively, also rebounding on an improved economic outlook and helped by a slightly weaker dollar. The U.S. lost 13,288,000 net jobs this quarter, with 20,787,000 losses in April. The unemployment rate rose to 11.1% from 4.4% at the end of March. The price of oil increased from $20 to $39 a barrel over the quarter, staging a dramatic comeback and marking the largest quarterly increase in 30 years.


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