Daily Market Commentary

October 28, 2020

U.S. stocks dropped and European equities tumbled to a five-month low as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic.

U.S. gross domestic product surged an annualized 32% in the third quarter, almost double the previous high. That figure will reflect activity switching back on across the country after Covid-19 fears and government stay-at-home orders ground the economy to a halt in April.

It's the end of October, but the U.S. housing market is acting like it's June. Spurred on by historically low mortgage rates, buyers are racing to snap up homes, defying seasonal norms even as Covid-19 infections surge in some states.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.

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