AAM Weekly Market Wrap – April 29, 2019

Weekly Market Wrap: Stocks rose last week back to all-time highs as the 1Q GDP estimate was higher than expected home data was mixed.

 

For The Week

  • The S&P 500 gained 1.20% to 2,939.88
  • Oil lost 1.20% to $63.30
  • Gold rose 0.86% to $1,285.68
  • The US dollar added 0.56% at $98.01 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +17.27%
  • The Dow Jones Index +13.79%
  • The NASDAQ Index +22.77%
  • The Russell 2000 Small cap Index +18.04%
  • EAFE International Index +12.97%
  • 10 Year Treasury Yield is 2.50%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.93%, lower for the week and lower for the year
  • WTI Crude Oil Index +39.40%
  • Bloomberg Gold Index +0.24%
  • The Dollar Index +1.99% against other major world currencies

 

 

Monday the S&P 500 gained 3 points on light volume as existing home sales fell and missed estimates.

Tuesday stocks jumped 26 points on moderate volume as FHFA home prices rose but slowed while new home sales rose and beat expectations.

Wednesday the S&P 500 dropped 6 points on moderate volume as mortgage applications fell.

Thursday stocks lost 1 point on moderate volume as jobless claims rose more than expected while durable goods orders rose and beat estimates.

Friday the markets gained 14 points on moderate volume as the 1st quarter GDP 1st estimate was higher than expected at 3.2% while and consumer sentiment rose and beat expectations.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.49% and a 30-year rate of 4.04%. These rates are as of 04/29/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – PCE Prices / Personal Income and Spending

Tuesday – Chicago Manufacturing / Consumer Confidence / Employment Costs / Pending Home Sales / Shiller Home Prices

Wednesday – Mortgage Applications / ADP Employment / ISM Manufacturing / Construction Spending / FOMC Rate Decision

Thursday – Jobless Claims / Factory Orders / Productivity

Friday – April Jobs / ISM Non-manufacturing

 

 

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

April 29, 2019

 

 

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