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Market Recap (August 10 2020)

August 10, 2020
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Last week was a good one for the markets as all major indices posted solid gains. The markets were driven by a strong jobs report indicating an addition of nearly 1.8 million new jobs and an unemployment rate of 10.2%. Both numbers were stronger than Wall Street forecasts. Despite a selloff on Friday, the NASDAQ remained above 11,000 – a new record for the index. 
 
The markets shrugged off concerns over elevated China/U.S. trade tensions and an apparent stall in a new fiscal stimulus package. Over the weekend President Trump signed an executive order extending jobless benefits, although Speaker of the House, Nancy Pelosi, argued that Trump does not have the authority to do so without Congress appropriating the funds. 
 
Looking forward, the majority of companies have reported their earnings for quarter 2. The remaining reports should be released this week and the Wall Street will begin focusing on quarter 3 and the remainder of the year. Much attention will also be paid on the spread of COVID-19 and the actions states take to curb the spread.