U.S. equities surged to their best weekly gains in three months last week as the White House prepared a $1.8 trillion stimulus bill proposal and market participants looked ahead to the start of the third quarter earnings season, which is expected to mark the beginning of a turnaround for corporate earnings after a significant second quarter drawdown.

U.S. equities snapped a four-week consecutive stretch of losses last week but ended on a down note following the announcement that President Trump and the first lady had tested positive for Covid-19, along with several other White House staff members and visitors. The development injected further political uncertainty a month ahead of the presidential election and piled on to the September jobs report showing positive but slowing progress in the labor market recovery.

September has been a turbulent month for financial markets as U.S. equities broadly logged their fourth consecutive week of losses last week, the longest such streak in over a year. Investor sentiment was weighed down by concerns of an uptick in coronavirus cases in Europe and in the U.S. as well as by political uncertainty, including increasing skepticism on the likelihood of additional fiscal stimulus.

The bumpy ride in equity markets continued this past week as U.S. equity indices broadly dipped lower for a third straight week of losses. The recent uptick in volatility has been chalked up to several factors including faltering tech heavyweight stocks, heightened political tensions, a continued stalemate on fiscal stimulus, and an uptick in coronavirus cases that have collectively weighed on investor sentiment following a strong market rally since March that has left most financial markets at high valuations.

U.S. equities logged a second consecutive week of losses for the first time since March as market participants continued to pull back from highflying tech stocks that had fueled much of this year’s broad market gains.