Stocks continued their strong run in June, despite rising COVID-19 cases in several western and southern states. Reopening progress, better-than-expected economic data, optimism around vaccine prospects, and the likelihood of more stimulus offered support. We have upgraded our view of growth stocks to positive. 

• Our equities recommendation remains overweight. Although we continue to believe markets may be pricing in an overly optimistic economic recovery scenario and a pullback may be overdue, reopening progress, surprisingly strong recent economic data, and progress on COVID-19 treatments are encouraging, while massi

Here at the midpoint of 2020, we recognize that’s it’s been a very challenging year so far in the United States and around the world. Our team is here to help you navigate this environment.

LPL Research’s Midyear Outlook 2020 reviews where we’ve been in 2020, where we may be heading, and the path that will take us there. We’ll share updated views on the pillars for investing—the economy, stocks, and bonds. Our special elections section explains how stocks and the economy may predict the next president.

Please look for our Midyear Outlook 2020 on July 14, and stay tuned to this blog

Index Performance

S&P 500 Index: 1.8%

Dow Jones Industrial Average: 1.0%

Nasdaq Composite: 4.0%

Equities

US equities delivered positive results this week. In addition, indexes representing both the small and mid-cap space were lower. The Nasdaq, after being down approximately 25% in late- March, is up almost 18% this year and reached an all-time high Thursday.

With regard to sector performers, consumer discretionary and, given the Nasdaq’s strength, technology and communication services were the leaders. Energy, real estate, healthcare, and industrials lagged the markets this week. L

The Paycheck Protection Program (PPP) is in the news again, as the list of the small businesses who received loans and for how much, is officially in hands of the public. Nearly 5 million small businesses took more than $650 billion in loans as of the end of June, used a lifeline to keep things going during the slowdown. The problem though is some of the loans made were quite questionable at best, upsetting many on Main Street why those who didn’t need a loan got it.

“The intent of PPP was to help a steadier employment picture during the COVID-19 shutdown, but yes, some businesses have tapped into the program who shou