Last week was a big week for central banks, as the Bank of Japan, European Central Bank, and Federal Reserve all had meetings. What we know is each central bank is doing all they can to help bring back confidence and liquidity, while likely keeping rates very low for a long time.

Please view our recent Street View video for more color on central banks.

Last, please read our recent blog for more on this subject.

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• This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that

Index Performance – week ending 5/1/2020:

S&P 500:  -.21%
Dow Jones Industrial Average:  -.22%
Nasdaq Composite:  -.34%

Equities

US equities were little changed this week, as poor economic data continued to roll in and overall better than expected earnings from technology bellwethers failed to fuel further gains. The S&P 500 Index closed out April with a 12.7% gain, its best month since January 1987 and the largest increase for April since 1938.

“April was a historic rally for stocks, but the worries continue to add up,” explained LPL Financial Senior Market Strategist

It is a foregone conclusion that the US economy has entered recession, led by the consumer, which accounts for more than two-thirds of the US economy based on gross domestic product (GDP). The collapse of consumer spending was evident in March personal consumption expenditures data released on Wednesday that showed a record 7.5% month-over-month drop in consumer outlays. It would have been worse if we weren’t stocking our refrigerators and pantries.

The manufacturing sector is also contracting sharply, not surprisingly given the business shutdowns that began in March. Investors had a glimpse of the extent of the hit to manu

The Federal Reserve (Fed), the European Central Bank (ECB), and the Bank of Japan (BOJ) all met in the last week and while the show of power was minimal compared to recent weeks, they collectively reasserted their resolve to do whatever is necessary to support the global economy through the COVID-19 economic crisis. Rates are being held about as low as they can go, significant new programs to enhance market liquidity and support lending are in place, and, as shown in the LPL Chart of the Day, asset purchases have accelerated. In fact, with April not yet completed, central bank assets have risen over $3 trillion, the biggest two-month jump on