AAM Weekly Market Wrap – February 13, 2017

Weekly Market Wrap: Stocks rose for the third week in a row on promises of a Trump tax plan soon and mostly positive corporate earnings.

 

For The Week

  • The S&P 500 added 0.81% to 2,316.10
  • Oil gained 0.06% to $53.86
  • Gold jumped 1.18% to $1,233.51
  • The US Dollar rose 1.00 at $100.76 against other major world currencies.

 

2017 Year-To Date for the major indexes:

 

  • The S&P Index +3.45%
  • The Dow Jones Index +2.56%
  • The NASDAQ Index +6.52%
  • The Russell 2000 Small cap Index +2.34%
  • EAFE International Index +4.17%
  • 10 Year Treasury Yield is 2.41%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 3.11%, lower for the week and lower for the year
  • WTI Crude Oil Index +0.26%
  • Bloomberg Gold Index +7.04
  • The Dollar Index -1.51% against other major world currencies

 

 

Monday the S&P 500 index slipped 5 points on moderate volume with no major data released.

Tuesday the index gained 1 point on moderate volume as consumer credit growth slowed and missed estimates.

Wednesday the index added 2 points on moderate volume as mortgage applications rose.

Thursday the S&P 500 gained 13 points on moderate volume as jobless claims fell and beat expectations.

Friday the index added another 18 points on moderate volume as import prices were flat and beat expectations, export prices fell and matched while consumer sentiment fell and missed expectations but remained strong.

 

Takeaways from this week:

  • Stocks continued higher on mostly positive earnings and the promise of a tax plan in 3 weeks.
  • Treasury yields fell.
  • World stocks were flat on worldwide political uncertainty.

 

Mortgage rates continued lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.15% and a 30-year rate of 3.94%. These rates are as of 2/13/2017 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Small Business Optimism / Producer Prices

Wednesday –Mortgage Applications / Consumer Prices / Retail Sales / NY Manufacturing / Industrial Production / Housing Market Index

Thursday – Weekly Jobless Claims / Housing Starts / Philly Manufacturing

Friday – Leading Indicators

 

 

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

February 13, 2017

 

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