Weekly Market Wrap: Stocks rose to all-time highs as the US and Mexico agreed to a trade deal but talks with Canada stalled.
For The Week
- The S&P 500 gained 0.93% to 2,901.52
- Oil added 1.57% to $69.80
- Gold fell 0.45% to $1,199.94
- The US dollar slipped 0.02% at $95.11 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +8.52%
- The Dow Jones Index +5.04%
- The NASDAQ Index +17.47%
- The Russell 2000 Small cap Index +13.37%
- EAFE International Index -4.22%
- 10 Year Treasury Yield is 2.86%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.02%, higher for the week and higher for the year
- WTI Crude Oil Index +16.04%
- Bloomberg Gold Index -7.93%
- The Dollar Index +3.08% against other major world currencies
Monday the S&P 500 jumped 22 points on moderate volume with no major data reported.
Tuesday stocks added 1 point on moderate volume as consumer confidence rose and beat estimates while Shiller home prices rose but missed expectations.
Wednesday the index gained 17 points on moderate volume as mortgage applications fell, pending home sales fell and missed estimates while the 2Q GDP estimate was revised higher to 4.2% and beat expectations.
Thursday the S&P 500 lost 13 points on moderate volume as jobless claims rose but beat estimates, PCE Prices rose, personal income rose but missed estimates while personal spending rose and matched estimates.
Friday stocks added less than 1 point on moderate volume as Chicago PMI rose and beat expectations while consumer sentiment rose and beat estimates.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.82% and a 30-year rate of 4.41%. These rates are as of 9/03/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – No Major Data
Tuesday – Construction Spending / ISM Manufacturing
Wednesday – Mortgage Applications / Auto Sales
Thursday – Jobless Claims / ADP Employment / Factory Orders / ISM Services / Productivity / Labor Costs
Friday – August Employment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
September 3, 2018