Weekly Market Wrap: Stocks continued higher last week as better than expected manufacturing and jobs data further eased recession concerns.
For The Week
- The S&P 500 added 2.06% to 2,892.74
- Oil jumped 5.24% to $63.29
- Gold slipped 0.03% to $1,291.82
- The US dollar rose 0.15% at $97.40 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +15.39%
- The Dow Jones Index +13.28%
- The NASDAQ Index +19.64%
- The Russell 2000 Small cap Index +17.35%
- EAFE International Index +12.63%
- 10 Year Treasury Yield is 2.50%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.91%, lower for the week and lower for the year
- WTI Crude Oil Index +39.37%
- Bloomberg Gold Index +0.72%
- The Dollar Index +1.35% against other major world currencies
Monday the S&P 500 jumped 33 points on moderately-heavy volume as both ISM manufacturing and construction spending rose and beat expectations while retail sales fell and missed estimates. Overseas Chinese manufacturing rose more than expected.
Tuesday stocks gained less than one point on moderately-heavy volume as durable goods orders fell more than expected.
Wednesday the S&P 500 added 6 points on heavy volume as mortgage applications surged, ISM non-manufacturing fell and missed estimates while ADP jobs added fewer than expected jobs.
Thursday stocks gained another 6 points on moderately-heavy volume as jobless claims fell more than expected.
Friday stocks added 13 points on moderate volume as the March jobs report added a higher than expected 196,000 jobs, unemployment remained steady at 3.8%, average hourly earnings rose a lower-than-expected 0.1% and consumer credit use slowed and missed expectations.
Mortgage rates rose 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 4.07%. These rates are as of 04/08/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – Factory Orders
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications / Consumer Prices / FOMC Minutes
Thursday – Jobless Claims / Producer Prices
Friday – Import & Export Prices / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
April 8, 2019