AAM Weekly Market Wrap – December 31, 2018

Weekly Market Wrap: The S&P 500 rebounded after a Christmas Eve plunge to finish higher for the week despite a continuing government shutdown over the border wall funding.

 

For The Week

  • The S&P 500 rebounded 2.86% to 2,485.74
  • Oil slipped 0.57% to $45.33
  • Gold gained 1.94% to $1,280.27
  • The US dollar fell 0.70% at $96.34 against other major world currencies.

2018 Year-To Date for the major indexes:

  • The S&P Index -7.03%
  • The Dow Jones Index -6.70%
  • The NASDAQ Index -4.62%
  • The Russell 2000 Small cap Index -12.87%
  • EAFE International Index -16.53%
  • 10 Year Treasury Yield is 2.72%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.04%, higher for the week and higher for the year
  • WTI Crude Oil Index -24.64%
  • Bloomberg Gold Index -1.77%
  • The Dollar Index +4.41% against other major world currencies

 

 

Monday the S&P 500 dropped 66 points on light volume with no major data reported.

Tuesday markets were closed – Merry Christmas!

Wednesday the markets rebounded 117 points on moderately-heavy volume as Shiller home prices rose and matched.

Thursday stocks gained 21 points on moderately-heavy volume as jobless claims fell and beat estimates, consumer confidence fell and missed while FHFA home prices rose.

Friday stocks slipped 3 points on moderate volume as Chicago manufacturing fell but beat estimates while pending home sales fell and missed expectations.

Mortgage rates were mixed on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.77% and a 30-year rate of 4.60%. These rates are as of 12/31/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – No major data – Merry Christmas!

Wednesday – Mortgage Applications

Thursday – Jobless Claims / ADP Employment / Auto Sales / Construction Spending / ISM Manufacturing

Friday – December Jobs Report

 

 

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

December 31, 2018

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