Weekly Market Wrap: Stocks hit correction territory as all major index drop 10% from their recent highs as volatility returns to the stock market.
For The Week
- The S&P 500 fell 5.16% to 2,619.39
- Oil dropped 9.55% to $59.20
- Gold slipped 1.10% to $1,316.68
- The US dollar added 1.35% at $90.38 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index -2.02%
- The Dow Jones Index -2.14%
- The NASDAQ Index -0.42%
- The Russell 2000 Small cap Index -3.76%
- EAFE International Index -2.45%
- 10 Year Treasury Yield is 2.86%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.14%, flat for the week and higher for the year
- WTI Crude Oil Index -1.58%
- Bloomberg Gold Index +1.02%
- The Dollar Index -2.05% against other major world currencies
Monday the S&P 500 plummeted 113 points on heavy volume as PMI services fell and matched while ISM Non-manufacturing rose and beat expectations.
Tuesday stocks rebounded 46 points on heavy volume with no major data released.
Wednesday the index lost 13 points on heavy volume as mortgage applications rose and consumer credit rose but missed estimates.
Thursday the S&P 500 dropped 101 points on heavy volume as jobless claims fell and beat expectations.
Friday the index gained 39 points on heavy volume with no major data released.
Mortgage rates continued higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.64% and a 30-year rate of 4.31%. These rates are as of 2/12/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications / Consumer Prices / Retail Sales
Thursday – Jobless Claims / Producer Prices / Industrial Production / Housing Market Index
Friday – Housing Starts / Import & Export Prices / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
February 12, 2018