AAM Weekly Market Wrap – December 25, 2017

Weekly Market Wrap: Stocks continued higher for the 5th straight week as tax reform was passed and signed, the government avoided a shutdown and economic data continued to be mostly positive.

 

For The Week

  • The S&P 500 added 0.28% to 2,683.34
  • Oil jumped 1.75% to $58.30
  • Gold gained 1.47% to $1,274.24
  • The US dollar was flat at $93.93 against other major world currencies.

 

2017 Year-To Date for the major indexes:

 

  • The S&P Index +19.85%
  • The Dow Jones Index +25.26%
  • The NASDAQ Index +29.29%
  • The Russell 2000 Small cap Index +13.69%
  • EAFE International Index +21.44%
  • 10 Year Treasury Yield is 2.49%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 2.84%, higher for the week and lower for the year
  • WTI Crude Oil Index +8.53%
  • Bloomberg Gold Index +10.57%
  • The Dollar Index -8.18% against other major world currencies

 

 

Monday the S&P 500 index jumped 14 points on heavy volume as the housing market index rose and beat expectations and stocks rallied globally.

Tuesday stocks fell 9 points on moderate volume as housing starts rose and beat expectations while housing permits fell but exceeded estimates.

Wednesday the index lost 2 points on moderate volume as mortgage applications fell and existing home sales rose and beat expectations.  In DC both the Senate and the House passed the tax reform bill.

Thursday the S&P 500 rose 5 points on moderate volume as jobless claims rose a little more than expected, 3Q GDP final was revised slightly lower to 3.2% and missed estimates, corporate profit growth was slightly lower than expected at 9.8%, FHFA Home Prices rose more than expected and leading indicators rose a little more than estimated.

Friday the index lost 1 point on light volume as durable goods orders rose but missed estimates, personal income rose but missed, consumer spending rose a little more than expected, PCE Prices rose a little less than expected and new home sales rose and beat expectations.

Mortgage rates continued higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.23% and a 30-year rate of 3.91%. These rates are as of 12/25/2017 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Markets Closed – Merry Christmas!

Tuesday – Dallas Manufacturing

Wednesday – Mortgage Applications / Shiller Home Prices / Consumer Confidence / Pending Home Sales

Thursday – Jobless Claims

Friday – Chicago Manufacturing

 

 

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

December 25, 2017

 

 

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