Weekly Market Wrap: Stocks ended the week lower as Coronavirus concerns continued but oil prices rebounded.
For The Week
• The S&P 500 fell 2.08% to $2,488.65
• Oil surged 31.75% to $28.34
• Gold slipped 0.09% to $1,621.32
• The US dollar rose 2.16% at $100.54 against other major world currencies.
2020 Year-To Date for the major indexes:
• The S&P Index -22.97%
• The Dow Jones Index -26.23%
• The NASDAQ Index -17.83%
• The Russell 2000 Small cap Index -36.95%
• EAFE International Index -26.70%
• 10 Year Treasury Yield is 0.62%, lower for the week and lower for the year
• 30 Year Treasury Yield is 1.25%, lower for the week and lower for the year
• WTI Crude Oil Index -53.59%
• Bloomberg Gold Index +6.80%
• The Dollar Index +4.19% against other major world currencies
Monday the S&P 500 gained 85 points on moderately heavy volume as pending home sales fell but beast estimates.
Tuesday stocks fell 42 points on heavy volume as consumer confidence fell but beat, Chicago manufacturing fell less than expected while Shiller home prices rose a little less than expected.
Wednesday the S&P 500 lost 114 points on moderately heavy volume as mortgage apps surged, construction spending fell more than expected, ADP jobs fell less than expected while ISM manufacturing fell but beat estimates.
Thursday stocks rose 56 points on moderately heavy volume as jobless claims rose to a record high 6.6M claims while factory orders were flat and missed estimates.
Friday the markets dropped 38 points on moderately heavy volume as the March jobs report lost 713,000 jobs which was worse than expected, unemployment rose to 4.4% which was higher than expected, average hourly earnings rose and beat estimates while ISM non-manufacturing fell but beat expectations.
Mortgage rates were lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.28% and a 30-year rate of 3.80%. These rates are as of 04/06/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Consumer credit
Wednesday – Mortgage Applications
Thursday – Jobless Claims / Consumer Sentiment / Producer Prices
Friday –Consumer Prices
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
April 06, 2019