AAM Weekly Market Wrap – April 16, 2018

Weekly Market Wrap: Stocks rebounded last week as trade war fears eased on comments out of China but the week ended with increased global tensions out of Syria.

 

For The Week

  • The S&P 500 gained 1.99% to 2,656.30
  • Oil surged 8.59% to $67.39
  • Gold rose 1.36% to $1,344.57
  • The US dollar fell 0.36% at $89.78 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index -0.65%
  • The Dow Jones Index -1.45%
  • The NASDAQ Index +2.94%
  • The Russell 2000 Small cap Index +0.91%
  • EAFE International Index +0.26%
  • 10 Year Treasury Yield is 2.82%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.03%, higher for the week and higher for the year
  • WTI Crude Oil Index +12.14%
  • Bloomberg Gold Index +3.16%
  • The Dollar Index -2.70% against other major world currencies

 

 

Monday the S&P 500 gained 9 points on moderate volume with no major data reported.

Tuesday stocks added 44 points on moderate volume as small business optimism fell and missed estimates while producer prices rose more than expected.  Overseas trade war fears eased on comments out of China.

Wednesday the index fell 15 points on moderate volume as mortgage applications fell and consumer prices fell more than expected.

Thursday the S&P 500 gained 22 points on moderate volume as jobless claims fell but missed estimates, import prices were flat and missed while export prices rose more than expected.

Friday stocks slipped 8 points on moderate volume as consumer sentiment fell and missed estimates.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.75% and a 30-year rate of 4.35%. These rates are as of 4/16/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Retail Sales / NY Manufacturing / Housing Market Index

Tuesday – Housing Starts / Industrial Production

Wednesday – Mortgage Applications

Thursday – Jobless Claims / Leading Indicators

Friday – No major data

 

 

Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC

April 16, 2018

 

 

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