AAM Weekly Market Wrap – December 1, 2019

Weekly Market Wrap: Stocks resumed hitting record highs as a positive 3rd quarter GDP estimate and continued China trade optimism pushed stocks higher.

 

For The Week

  • The S&P 500 gained 0.99% to 3,140.98
  • Oil fell 3.77% to $55.59
  • Gold rose 0.13% to $1,464.63
  • The US dollar slipped 0.01% at $98.25 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +25.30%
  • The Dow Jones Index +20.25%
  • The NASDAQ Index +30.60%
  • The Russell 2000 Small cap Index +20.46%
  • EAFE International Index +15.91%
  • 10 Year Treasury Yield is 1.80%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.22%, flat for the week and lower for the year
  • WTI Crude Oil Index +22.42%
  • Bloomberg Gold Index +14.20%
  • The Dollar Index +2.24% against other major world currencies

 

 

Monday the S&P 500 rose 23 points on moderate volume with no major data reported.

Tuesday stocks added 7 points on moderately-heavy volume as consumer confidence fell and missed expectations, new home sales fell but beat, Shiller home prices rose less than expected and FHFA home prices rose.

Wednesday the S&P 500 gained 13 points on moderately-light volume as mortgage applications rose, Chicago manufacturing rose but missed estimates, durable goods orders rose and beat, 3Q GDP 2nd Estimate was higher at 2.1% and beat expectations, jobless claims fell and beat, PCE prices rose and matched estimates, pending home sales fell and missed, personal income was flat and missed while personal spending rose and matched expectations.

Thursday markets were closed.

Friday the markets lost 13 points on light volume with no major data reported.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.18% and a 30-year rate of 3.73%. These rates are as of 12/01/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Construction Spending / ISM Manufacturing

Tuesday – No major data

Wednesday – Mortgage Applications / ISM Non-Manufacturing / ADP Jobs

Thursday – Jobless Claims / Factory Orders

Friday – November Jobs / Consumer Credit / Consumer Sentiment

 

 

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

December 1, 2019

 

 

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