Weekly Market Wrap: Stocks continued higher for the fourth week in a row on strengthening manufacturing data and small business optimism.
For The Week
- The S&P 500 added 1.51% to 2,351.16
- Oil slipped 0.15% to $53.78
- Gold rose 0.43% to $1,238.85
- The US Dollar gained 0.17% at $100.93 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +5.02%
- The Dow Jones Index +4.36%
- The NASDAQ Index +8.46%
- The Russell 2000 Small cap Index +3.15%
- EAFE International Index +4.80%
- 10 Year Treasury Yield is 2.42%, higher for the week and lower for the year
- 30 Year Treasury Yield is 3.03%, lower for the week and lower for the year
- WTI Crude Oil Index +0.11%
- Bloomberg Gold Index +7.50%
- The Dollar Index -1.34% against other major world currencies
Monday the S&P 500 index gained 12 points on moderate volume with no major data released.
Tuesday the index added 9 points on moderate volume as small business optimism rose and beat expectations while producer prices rose more than expected.
Wednesday the index gained 12 points on moderately-heavy volume as mortgage applications fell, consumer prices rose up 2.5% year-over-year, retail sales rose and beat expectations, NY manufacturing rose and beat estimates, industrial production fell and missed while the housing index also fell and missed estimates.
Thursday the S&P 500 fell 2 points on moderate volume as jobless claims rose but beat expectations, housing starts fell but beat while building permits rose and beat expectations, Philly manufacturing rose and smashed expectations.
Friday the index rebounded 4 points on moderately-heavy volume as leading indicators rose and beat expectations.
Takeaways from this week:
- US Stocks continued higher on positive economic data and merger news.
- Treasury yields were mixed despite Janet Yellen’s testimony opening the door for a March rate hike.
- World stocks were mixed on the week.
Mortgage rates were higher 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 4.04%. These rates are as of 2/20/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – Markets closed
Tuesday – PMI Manufacturing Flash
Wednesday –Mortgage Applications / Existing Home Sales
Thursday – Weekly Jobless Claims / FHFA Housing Prices / PMI Services Flash
Friday – New Home Sales / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
February 20, 2017