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Market Recap (August 24 2020)

August 24, 2020
Technology stocks drove the market up again last week. While other areas of the market remain down, the vast adoption of technology to allow workplaces to function and keep people connected while social distancing - has pushed the technology sector to the leader for the year.
In other positive economic news, the construction of new homes has increased, as well as existing home sales. Many markets have limited inventories which has driven the prices of homes upward. Due to the pause in lumber production in the spring - home values have increased across the country.
Unfortunately, this economic recovery has been largely uneven. Unemployment increased last week and sits just over 10%.
The election cycle kicked into full gear last week with the first ever, virtual Democratic National Convention. This week the Republican National Convention will take stage. The election will likely be the focus of media attention through November.