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Abiding faith in the transitory nature and the economic impact of the coronavirus continues to push global equity averages higher. The MSCI All Country World Index climbed 1.1 percent last week, bringing its year-to-date gain to 2.3 percent, but more tellingly, it has risen 3.8 percent in the first two weeks of February despite the continued spread of the virus. The S&P 500^® index climbed 1.6 percent last week, bringing its year-to-date gain to 4.6 percent, with 4.8 percent of that coming in February. It has been a similar story in Europe, despite abysmal fourth quarter economic data, especially industrial production and overall GDP. Even in China, the Shenzhen Composite index is higher by 14.1 percent since reopening on February 4 following the Lunar New Year holiday, while the Shanghai Composite is higher by 8.6 percent. Crude oil also rose last week, along with copper. Bond yields, in contrast, were unimpressed, as the yield on the ten-year Treasury was unchanged at 1.58 percent. 

Stocks enjoyed their strongest week of the new year last week. A combination of promising economic data, optimism regarding the spread of the coronavirus, relatively modest declines in Chinese equities, and the end of the impeachment process in Washington led to a 3.2 percent gain in the S&P 500® index. Stocks in the Eurozone were even stronger, as the EuroStoxx 50 index surged higher by 4.3 percent. In China, the Shanghai Composite index fell 3.4 percent on the week, a comparative victory as trading activity resumed following the Lunar New Year holiday. Bond yields climbed as well. The ten-year Treasury yield rose to 1.58 percent from 1.51 the prior week. High yield credit spreads narrowed sharply, falling to 375 basis points from 403 the previous week. And the dollar rallied, as the DXY dollar index climbed from 97.4 to 98.7, its highest level since October.

MINNEAPOLIS – Feb. 10, 2020 – In 2019, Ameriprise Financial, Inc. (NYSE: AMP), along with its employees and advisors, donated $17.5 million and volunteered close to 100,000 hours at nonprofits in their communities. As a leader in financial planning, the firm focuses on philanthropic causes that strengthen communities and help individuals achieve economic stability. To that end, throughout the year, Ameriprise helped provide nearly 8 million meals to hungry families and individuals through its longstanding partnership with Feeding America and other hunger-relief organizations. In addition, the company continued its ongoing support for the American Red Cross Disaster Relief and International Services, which provide aid when disaster strikes around the world.