Weekly Market Wrap: Stocks rose this week and the Dow index closed above 22,000 for the first time on positive manufacturing and payroll data.
For The Week
- The S&P 500 gained 0.19% to 2,476.83
- Oil slipped 0.26% to $49.58
- Gold lost 0.05% to $1,259.16
- The US dollar rose 0.19% at $93.47 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +10.63%
- The Dow Jones Index +11.79%
- The NASDAQ Index +17.99%
- The Russell 2000 Small cap Index +4.07%
- EAFE International Index +16.85%
- 10 Year Treasury Yield is 2.27%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.84%, higher for the week and lower for the year
- WTI Crude Oil Index -7.71%
- Bloomberg Gold Index +9.26%
- The Dollar Index -8.63% against other major world currencies
Monday the S&P 500 fell 2 points on heavy volume as Chicago manufacturing slowed and missed while pending home sales rose and beat expectations.
Tuesday the markets gained 6 points on moderate volume as motor vehicle sales rose but just missed estimates, personal income was flat and missed, consumer spending rose and matched expectations, PCE process were flat as expected, PMI manufacturing rose and beat estimates, ISM manufacturing slipped but still beat expectations and construction spending fell and missed estimates.
Wednesday the index gained 1 point on moderate volume as mortgage applications fell and the ADP jobs report showed 178,000 new jobs and beat expectations.
Thursday the S&P 500 fell 5 points on moderate volume as jobless claims fell and beat expectations, PMI services rose and beat estimates, ISM non-manufacturing fell and missed estimates while factory orders rose and beat expectations.
Friday the index gained 5 points on moderate volume as the July added 209,000 jobs and beat expectations, unemployment fell to 4.3% even as the participation rate rose and hourly earnings rose and matched expectations.
Mortgage rates were slightly lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.01% and a 30-year rate of 3.81%. These rates are as of 8/06/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – Consumer Credit
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications / Productivity and Costs
Thursday – Weekly Jobless Claims / Producer Prices
Friday – Consumer Prices
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
August 6, 2017