Weekly Market Wrap: Stocks rose for the 4th week in a row on positive economic data and trade deal optimism.
For The Week
- The S&P 500 added 1.65% to 3,221.22
- Oil gained 0.49% to $60.44
- Gold slipped 0.02% to $1,480.90
- The US dollar rose 0.49% at $97.67 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +28.50%
- The Dow Jones Index +21.98%
- The NASDAQ Index +34.51%
- The Russell 2000 Small cap Index +23.98%
- EAFE International Index +17.61%
- 10 Year Treasury Yield is 1.92%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.34%, higher for the week and lower for the year
- WTI Crude Oil Index +33.10%
- Bloomberg Gold Index +15.47%
- The Dollar Index +1.63% against other major world currencies
Monday the S&P 500 jumped 23 points on heavy volume as NY Manufacturing rose and matched expectations while homebuilder sentiment rose and beat estimates.
Tuesday stocks added 1 point on moderate volume as both building permits and housing starts rose and beat estimates, capacity utilization rose but missed while industrial production rose and beat expectations.
Wednesday the S&P 500 fell 1 point as mortgage applications fell.
Thursday stocks gained 14 points on moderate volume as jobless claims rose more than expected, leading indicators were flat and missed while existing home sales fell and missed expectations.
Friday the markets added another 16 points on heavy volume as the final estimate of 3Q GDP matched estimates at 2.1%, PCE prices rose and matched while personal income, personal spending and consumer sentiment all 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 3.19% and a 30-year rate of 3.75%. These rates are as of 12/23/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – Durable Goods Orders / New Home Sales
Tuesday – No Major Data
Wednesday – No Major Data
Thursday – Jobless Claims
Friday – No Major Data
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
December 23, 2019