November 2, 2020 | Investment Review

Investment Review - November 2020

  1. The major U.S. equity indices finished October with negative returns. The total return on the major indices for the month were: S&P -2.6%, Nasdaq -2.2% and the Dow Jones Industrial Average -4.5%.

  2. With 64% of the companies in the S&P 500 reporting actual results, 86% have reported positive earnings per share surprises and 81% have reported positive revenue surprises.

  3. The S&P Technology sector from the market bottom on March 23 through September 2 gained 81% leading all other S&P 500 sectors. Since the market peak through the end of October, the sector fell 12.7% with energy being the only sector that performed worse.

Sources: Bloomberg LLC, FactSet, U.S. Commerce Department, Bloomberg Businessweek, IHS iSuppli

Disclosure: This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.

If you would like to receive your copy of the Economic Outlook and Investment Review monthly in the mail, call Ed Sullivan, Vice President, at 617-557-9800, or email him at