Weekly Market Wrap: Stocks added to 2016 gains on positive economic data and the best quarterly GDP figure in 2 years.
For The Week
- The S&P 500 gained 0.25% to 2,263.79
- Oil rose 2.16% to $53.02
- Gold slipped 0.18% to $1,131.56
- The US Dollar added 0.12% at $103.02 against other major world currencies.
2016 Year-To Date for the major indexes:
- The S&P Index +10.76%
- The Dow Jones Index +14.40%
- The NASDAQ Index +9.09%
- The Russell 2000 Small cap Index +20.74%
- EAFE International Index -1.77%
- 10 Year Treasury Yield is 2.54%, lower for the week and higher for the year
- 30 Year Treasury Yield is 3.12%, lower for the week and higher for the year
- WTI Crude Oil Index +43.12%
- Bloomberg Gold Index +6.70
- The Dollar Index +4.48% against other major world currencies
Monday the S&P 500 index gained 4 points on moderate to light volume as the PMI Services Flash fell.
Tuesday the index added 8 points on moderate to light volume on no major data.
Wednesday the index fell 6 points on moderately light volume as mortgage applications rose and existing home sales rose and beat expectations.
Thursday the S&P 500 lost 4 points on moderate volume as jobless claims rose more than expected, durable goods orders fell more than expected, final 3Q GDP rose and beat expectations, prices rose in-line with expectations, corporate profits rose but missed expectations, FHFA home prices rose a little less than expected, personal income was flat and missed estimates, consumer spending rose but less than expected, PCE prices were flat and less than expected while leading economic indicators were flat and less than expected.
Friday the index rose 3 points on light volume as both new home sales and consumer sentiment rose and beat expectations.
Takeaways from this week:
- US stocks moved higher as 3Q GDP rose to 3.5% posting the best quarter in 2 years.
- Treasury yields moved lower and took a break from the recent surge in yields.
- World stocks moved lower.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.34% and a 30-year rate of 4.20%. These rates are as of 12/26/2016 and may include points.
What to watch for on the economic calendar this week:
Monday – Markets closed
Tuesday – Shiller Home Prices / Consumer Confidence
Wednesday –Pending Home Sales
Thursday – Weekly Jobless Claims
Friday – Chicago PMI
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
December 26, 2016