Weekly Market Wrap: Stocks continued modestly higher last week despite some week housing and manufacturing data.
For The Week
- The S&P 500 gained 0.52% to 2091.58
- Oil jumped 8.35% to $43.73
- Gold slipped 0.04% to $1,233.49
- The US Dollar rose 0.40% to $95.07 against other major world currencies.
2016 Year-To Date for the major indexes:
- The S&P Index +2.33%
- The Dow Jones Index +3.32%
- The NASDAQ Index -2.02%
- The Russell 2000 Small Cap Index -0.95%
- EAFE International Index +1.40%
- 10 Year Treasury Yield is 1.88%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.70%, higher for the week and lower for the year
- WTI Crude Oil Index +18.06%
- Bloomberg Gold Index +16.32%
- The Dollar Index -3.58% against other major world currencies
Monday the S&P 500 gained 14points on moderate volume as the housing index was flat and missed estimates.
Tuesday the index added 6 points on moderate volume as housing starts and housing permits both fell and missed estimates.
Wednesday the S&P index gained 2 points on moderately-heavy volume as mortgage applications rose, led by refinances and existing home sales rose and beat estimates.
Thursday stocks fell 11 points on moderately-heavy volume as jobless claims continued lower and beat expectations, Philly manufacturing fell back into contraction territory and missed estimates, FHFA Home Prices rose and matched estimates while leading indicators rose and missed estimates with February revised into negative territory.
Friday the index was flat on moderately-heavy volume as PMI flash manufacturing for April was lower and missed estimates.
Takeaways from this week:
- Stocks continued higher as jobless claims moved to its lowest level since 1973.
- Treasury yields continued higher.
- Overseas stocks rose with the EFA index moving back into positive territory for 2016..
Mortgage rates were higher for the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.81% and a 30-year rate of 3.71%. These rates are as of 4/25/2016 and may include points.
What to watch for on the economic calendar this week:
Monday – New Home Sales / Dallas Manufacturing
Tuesday – Durable Goods Orders / Shiller Home Prices / Consumer Confidence
Wednesday –Mortgage Applications / Pending Home Sales / FOMC Meeting Announcement
Thursday –Weekly Jobless Claims / GDP
Friday – Personal Income and Outlays / Employment Costs / Chicago PMI / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
April 25, 2016