Weekly Market Wrap: Stocks continued higher this week as Cyber Monday was a positive sign for retail and the Senate moved closer to passing tax legislation.
For The Week
- The S&P 500 added 1.53% to 2,642.22
- Oil fell 0.88% to $58.36
- Gold lost 0.57% to $1,280.61
- The US dollar gained 0.09% at $92.88 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +18.02%
- The Dow Jones Index +22.61%
- The NASDAQ Index +27.20%
- The Russell 2000 Small cap Index +13.26%
- EAFE International Index +20.96%
- 10 Year Treasury Yield is 2.36%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.76%, flat for the week and lower for the year
- WTI Crude Oil Index +8.64%
- Bloomberg Gold Index +11.13%
- The Dollar Index -9.21% against other major world currencies
Monday the S&P 500 index slipped 1 point on moderate volume as new home sales rose and beat expectations while Dallas manufacturing fell and missed estimates.
Tuesday the markets jumped 26 points on moderate-to-heavy volume as FHFA home prices rose a little less than expected, Shiller home prices rose a little more than expected and consumer confidence rose and beat expectations.
Wednesday the index lost 1 point on heavy volume as mortgage applications were mixed, 3Q GDP was revised higher to 3.3% and matched expectations, corporate profits rose to 10% and pending home sales rose and beat expectations.
Thursday the S&P 500 gained 22 points on heavy volume as jobless claims fell a little more than expected, personal income rose and beat estimates, consumer spending rose and matched, PCE prices rose a little less than expected and Chicago area manufacturing fell but beat estimates.
Friday the index dropped 5 points on heavy volume as vehicle sales fell and slightly missed estimates, both PMI manufacturing and ISM manufacturing fell and missed estimates but both remain at strong levels, construction spending rose and beat estimates while on the political front Michael Flynn agreed to testify to the FBI regarding conversations with President Trump sending the markets lower before recovering most of the losses by the end of trading.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.17% and a 30-year rate of 3.84%. These rates are as of 12/04/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – Factory Orders
Tuesday – PMI Services / ISM Non-Manufacturing
Wednesday – Mortgage Applications / ADP Employment / Productivity & Costs
Thursday – Jobless Claims / Consumer Credit
Friday – Employment Situation / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
December 04, 2017