Ending one of the most volatile trading weeks in history, U.S. stocks managed to end last week in positive territory.
After a prolonged period of low volatility, the S&P 500 declined 8% through August 24th of this year followed by declines in global stocks and commodities. From its high on May 21, 2015, the S&P 500 index is now down a little over 11%, the first over 10% move in 46 months.
Continued concerns about Chinese economic growth – and global growth in general – caused a meltdown in stock prices last week, with two of the three major U.S. indexes falling into negative territory for the year.
In what had to be one of the shortest global financial crises ever, China’s decision to devalue its currency early last week seemed just a distant memory by the end of the week.
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The financial markets seemed to view last Friday’s so-so July jobs report as good enough to convince the Federal Reserve to start interest rate liftoff later this year, possibly as early as next month.
U.S. stocks rebounded modestly last week following the previous week’s big losses, ending July in the green.