Weekly Market Wrap: Stocks ended the week mixed as black Friday sales were strong, tariff and trade concerns lingered while overseas manufacturing data was positive.
For The Week
- The S&P 500 gained 0.16% to 3,145.91
- Oil rallied 6.49% to $59.20
- Gold added 0.03% to $1,465.10
- The US dollar slipped 0.58% at $97.68 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +25.49%
- The Dow Jones Index +20.09%
- The NASDAQ Index +30.46%
- The Russell 2000 Small cap Index +21.15%
- EAFE International Index +16.78%
- 10 Year Treasury Yield is 1.84%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.29%, higher for the week and lower for the year
- WTI Crude Oil Index +30.37%
- Bloomberg Gold Index +14.23%
- The Dollar Index +1.64% against other major world currencies
Monday the S&P 500 fell 27 points on moderate volume as both construction spending and ISM Manufacturing fell and missed estimates while contracting. ISM Manufacturing contracted for the fourth straight month.
Tuesday stocks fell another 21 points on moderate volume with no major data reported.
Wednesday the S&P 500 gained 28 points on moderate volume as mortgage applications fell, ISM Non-manufacturing fell and missed estimates while ADP employment fell and missed.
Thursday stocks added 5 points on moderate volume as factory order rose and matched expectations while jobless claims fell more than expected.
Friday the markets rallied 28 points on moderate volume as the November jobs report smashed expectations adding 254,000 jobs, unemployment fell to 3.5% and beat, average hourly earnings rose less than expected at 0.2%, consumer credit use rose and beat expectations while consumer sentiment rose and beat estimates as well.
Mortgage rates were flat on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.18% and a 30-year rate of 3.73%. These rates are as of 12/08/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Small Business Optimism / Worker Productivity and Unit Labor Costs
Wednesday – Mortgage Applications / Consumer Prices / FOMC Rate Decision
Thursday – Jobless Claims / Producer Prices
Friday – Import and Export Prices / Retail Sales
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
December 8, 2019