Weekly Market Wrap: Traders were in a cheerful mood as they returned from their 4th of July celebration sending the markets significantly higher this week having its best week in about 12 months. The S&P 500 closed up 5.4% at 1,078 and was up every day this holiday shortened week. Oil also finished higher at $76.09 per barrel. Gold was flat at $1,210 per oz. and the dollar was down about ½% against other major world currencies at $83.98. Year-to-date the S&P 500 is now down about 3.3%.
The week’s economic news ended with the jobless claims coming in better than expectations helping to continue the rally on light post-holiday trading. Optimism regarding the upcoming earnings season helped as well with 2nd quarter results on the horizon.
Mortgage rates held steady at historical lows. The Schwab Bank 15-year rate is now at 4.3% and the 30-year rate is at 4.78%. These rates are as of 7/2/2010 and assume no points, no origination fee and a $250,000 mortgage.
The Week at AAM:
Some of the highlights of my last week include:
- Helped a client invest the proceeds of the sale of a second home into a portfolio that has a primary goal of capital preservation.
- Strategized cash flow needs and goal funding for a variety of clients and adjusted their portfolio’s accordingly.
- Met with a prospect to help him prepare for his upcoming retirement.
- Filled out an application for a client so that she could enter an assisted living facility.
I hope you had a great week as well. Please let me know if there is ever anything I can do for you or if something has changed in your financial situation to warrant a meeting or a change of investment policy.