Amid a wild week in financial markets, U.S. equities broadly tumbled lower while pockets of speculative trading mania drove significant volatility and surging prices in a narrow group of small, thinly-traded stocks. For the week, the S&P 500 and Dow Jones each lost -3.3%, taking the indexes into negative territory on the year, and the Nasdaq Composite lost -3.5%.

U.S. equity markets rallied higher last week as investors were encouraged by the initial reports from the fourth quarter corporate earnings season, which has gotten off to a strong start. For the week, the tech-heavy Nasdaq Composite surged 4.2%, while the S&P 500 and Dow Jones gained 2.0% and 0.6%, respectively.

Despite last week’s significant political developments and the turmoil at the nation’s Capitol building on Wednesday, U.S. equity markets continued to gain ground and closed the week at new all-time highs. For the week, the S&P 500 gained 1.9%, while the Nasdaq Composite and Dow Jones rose by 2.5% and 1.7%, respectively.

Following a strong close to 2020 with U.S. equity markets posting new all-time highs, market participants will be watching how well that momentum carries into the new year, which will kick off with an eventful week headlined by the Georgia run-off elections that will determine control of the Senate. T

U.S. equity markets broadly moved sideways amid last week’s lower trading activity due to the holidays but remain near their all-time highs heading into year-end, with the S&P 500 up almost 15% on the year (not including dividends) as of Friday’s close.