Weekly Market Wrap: A second positive week was wiped out on Friday with the S&P 500 losing almost 3% on the day and ending the week down 1.2% at 1,065. Gold, Oil and the Dollar all finished lower on the week as well. Gold was down 1.4% to $1,193 per oz, Oil was down 0.3% to $75.24 per barrel and the dollars was down 1.7% to $82.54 when compared to other major world currencies.
A good week in the markets turned sour on Friday as earnings season lost momentum and consumer confidence dropped more than expected. Renewed fears of deflation also may have spooked the markets on Friday as the consumer price index posted its second consecutive monthly decline.
Mortgage rates continued to hold steady at historical lows. The Schwab Bank 15-year rate is now at 4.35% and the 30-year rate is at 4.75%. These rates are as of 7/15/2010 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:
- Strategized with a new financial planning client on how to help reach her retirement goals.
- Met with two other new prospects and hoping that they will see the value I can bring into their lives as a financial advisor.
- Worked on my 90 day plan and reviewed it with my business coach.
- Took over as president of my Grandville/Jenison Chamber of Commerce leads group.
- Met with a number of clients to review their accounts as well as strategize for their upcoming goal and expense needs.
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.