Market Update - October 2020

- By Candice Bangsund, Vice President and Portfolio Manager, Global Asset Allocation

The end of the summer brought with it a shift in sentiment. In September, volatility resurfaced as investors weighed a resurgence in global coronavirus cases, the stalemate in negotiations for additional US fiscal stimulus, and looming uncertainty ahead of the US elections – which when taken together sparked some profit-taking after an extended stretch of equity market gains. The good news is that the global economy maintained some notable momentum, with stronger-than-expected economic data revealing a solid recovery taking hold. And at month-end, markets got some relief as US lawmakers appeared to be making progress towards pushing through new stimulus measures in Washington, even as a volatile presidential debate raised concerns about a chaotic election in November.