Weekly Market Wrap: Another volatile week in the markets resulted in a gain from the S&P 500 index of 2.2%. The S&P 500 finished the week at 1,136 after a huge 4% relief rally on Monday but it could not hold on to those gains all week long. Gold and the Dollar finished the week higher as well. Gold was up 2% at $1,231 per oz and the dollar finished up 2% against other major world currencies at $86.14. Oil was again lower on the week finishing at $71.61 per barrel down another 5%.
Mortgage rates remained steady this week. The Schwab Bank 15-year rate is now at 4.375% and the 30-year rate is at 5.03%. These rates are as of 5/14/2010 and assume no points, no origination fee and a $250,000 mortgage.
The Week at AAM:
It was once again and up-and-down week for the markets. It started with a huge rally on Monday after Europe came out with a bail-out package that should (may) keep Greece from collapsing. The gains could not hold however with the week ending with 1.5% and 2% drops on Thursday and Friday. The continued “Greek Tragedy” is mostly to blame.
One definite plus of this is Oil prices have continued to drop and we should see some significant drop in gas prices if this holds up.
Some of the highlights of my week include:
- Helped get an estate plan started for a couple who really needed to get this done.
- Attended a GRAPE (Grand Rapids Area Professionals for Excellence) and learned more about social networking.
- Met with two new prospects this week as well as a financial planning strategy meeting and acquired a new client. My association with NAPFA (www.napfa.org) is really paying off! I love being a fee-only advisor.
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.