Weekly Market Wrap: Stocks rebounded higher this week on positive economic data and better than expected projected retail sales on “Black Friday”.
For The Week
- The S&P 500 gained 0.91% to 2,602.42
- Oil jumped 3.83% to $58.88
- Gold fell 0.47% to $1,287.94
- The US dollar lost 0.89% at $92.80 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +16.24%
- The Dow Jones Index +19.20%
- The NASDAQ Index +27.98%
- The Russell 2000 Small cap Index +11.94%
- EAFE International Index +21.84%
- 10 Year Treasury Yield is 2.34%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.76%, lower for the week and lower for the year
- WTI Crude Oil Index +9.61%
- Bloomberg Gold Index +11.76%
- The Dollar Index -9.29% against other major world currencies
Monday the S&P 500 index gained 3 points on moderate volume as leading economic indicators rose and beat expectations.
Tuesday the markets jumped 17 points on moderate volume as existing home sales rose and beat estimates.
Wednesday the index lost 2 points on low volume as mortgage applications rose, durable goods orders fell and missed, jobless claims fell more than expected and consumer sentiment rose and beat expectations.
Thursday the markets were closed.
Friday the index added 5 points on light volume as the PMI composite flash index fell and missed expectations.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.13% and a 30-year rate of 3.80%. These rates are as of 11/27/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – New Home Sales
Tuesday – FHFS Home Prices / Shiller Home Prices / Consumer Confidence
Wednesday – Mortgage Applications / GDP / Corporate Profits / Pending Home Sales
Thursday – Jobless Claims / Personal Income and Outlays / Chicago PMI
Friday – Motor Vehicle Sales / PMI Manufacturing / ISM Manufacturing / Construction Spending
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 27, 2017