Bitcoin rocketed to a record high of $29,000 by year-end, and the amount of money raised by initial public offerings also climbed to historic levels. Greed surfaced later as some assets seemed to continue to rally without fundamental support. Fear emerged during the March sell-off and again in April as oil futures briefly traded in negative territory. It was a remarkable 12-month period in many ways, but as far as markets are concerned, I can recall no calendar year that so starkly displayed evidence of both fear and greed. In the U.S., after a strong recovery in the summer and fall, the pace of hiring slowed late in the year, and household spending declined in November for the first time since April. On the negative side, concerns about a resurgence in virus hospitalizations led to new lockdowns and business restrictions in many countries, which in turn appeared to threaten economic recoveries. presidential election and the completion of a Brexit trade deal between the UK and the European Union. Meanwhile, political uncertainty diminished with Joe Biden’s victory in the U.S. In addition, Congress passed a $900 billion coronavirus relief package, supplementing the $2.4 trillion allocated to address the crisis earlier in the year, and the Fed continued to pledge very accommodative monetary policies for the foreseeable future. Most notable on the positive side was the start of vaccine distributions, which provided hope that the pandemic was in its final phase. While investors had reason to cheer the market’s recovery, the global economic outlook remained unclear as the year came to an end. After falling to record lows in March, intermediate-and longer-term Treasury yields ticked higher later in the year but remained very low by historical standards, a factor that encouraged investors to seek out riskier securities with higher return potential.
AMC SECURITY MOBILE 5.8.2 TORRENT TORRENT
Within the fixed income universe, corporate bonds delivered strong results as the market easily absorbed a torrent of new issuance. Positive vaccine news in November raised hopes for a return to normalcy in 2021 and boosted sectors that had been beaten down in the initial phases of the pandemic.
AMC SECURITY MOBILE 5.8.2 TORRENT FULL
Growth stocks significantly outpaced their value counterparts for the full year however, value shares rallied late in the period. Emerging markets outpaced developed markets, and Asian shares delivered strong results as China and other countries in the region proved relatively successful in containing the coronavirus. Despite a late rally, the energy sector trailed with significant losses due to a plunge in oil prices. Within the S&P 500, the technology and consumer discretionary sectors were the top performers, and communication services and materials stocks also outperformed. Large-cap information technology and internet-related firms helped lead the rebound as they benefited from the work-from-home environment and an acceleration in demand for online services.
In the U.S., the large-cap Dow Jones Industrial Average and S&P 500 Index reached record highs, as did the technology-heavy Nasdaq Composite Index-a result that few would have predicted in late March after the benchmarks tumbled more than 30% as governments instituted lockdowns to try to halt the spread of the virus. Extraordinary fiscal and monetary support from global governments and central banks helped spur the rebound, although the pandemic continued to pose significant public health and economic challenges as the year came to an end. Nearly all major stock and bond indexes produced positive results during 2020 as markets recovered from the steep sell-off that resulted from the spread of the coronavirus. *Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery. Log in to your account at for more information. We expect to see investor sentiment toward emerging markets local currency bonds remain positive in 2021 amid an improving growth backdrop and strong technical conditions. We increased the portfolio’s risk exposure mid-period to take advantage of bond and currency valuations that had reached attractive levels. Our active currency positioning, as well as our country allocation and exposure to interest rate changes, helped the portfolio’s relative performance. The Emerging Markets Local Multi-Sector Account Portfolio outperformed its benchmark for the 12 months ended December 31, 2020. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO
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