July 1, 2020

In the face of a grim economic reality, stocks around the globe rose strongly during the second quarter. The Dow Jones Industrial Index surged 18%, its best quarter in 33 years. Consumer discretionary (e.g., and technology shares (e.g., Microsoft & Apple) again led the way and are the only sectors of the market to produce gains so far in 2020. Consumer and tech companies in foreign markets also performed well, but those sectors represent a smaller share of exchanges outside the U.S., so foreign stocks slightly lagged.

The rally came in two distinct phases. The first was a relief rally precipitated by unprecedented fiscal stimulus in the form of the CARES Act and intervention by the Federal Reserve. Over a three week period beginning in late March stocks rose 30%. Markets generally traded flat to down for the next month as coronavirus cases and deaths rose, especially in the...

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Marble Trail Financial is a joint venture of Addison Advisors LLC dba Marble Trail Advisors, Davis Associates,  and Misasi & Company LLC. Investment advisory services are provided by Marble Trail Advisors, a registered investment adviser, and tax preparation and accounting services are provided by Davis Associates and Misasi & Company LLC.

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