Weekly Market Wrap: Stocks continued higher this week as manufacturing data hit a 27 month high and interest rate concerns eased.
For The Week
- The S&P 500 added 0.55% to 2,747.30
- Oil gained 3.03% to $63.55
- Gold fell 1.43% to $1,329.19
- The US dollar rose 0.81% at $89.87 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +2.76%
- The Dow Jones Index +2.39%
- The NASDAQ Index +6.29%
- The Russell 2000 Small cap Index +0.89%
- EAFE International Index +1.46%
- 10 Year Treasury Yield is 2.88%, flat for the week and higher for the year
- 30 Year Treasury Yield is 3.16%, higher for the week and higher for the year
- WTI Crude Oil Index +5.65%
- Bloomberg Gold Index +1.98%
- The Dollar Index -2.60% against other major world currencies
Monday the markets were closed.
Tuesday stocks lost 16 points on moderate volume with no major data reported.
Wednesday the index dropped 15 points on moderate volume as mortgage applications fell, PMI Composite Flash rose to a 27 month high and beat expectations while existing home sales fell and missed estimates.
Thursday the S&P 500 gained 3 points on moderate volume as jobless claims fell more than expected and leading indicators rose and beat expectations.
Friday the index surged 43 points on moderate volume with no major data reported.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.74% and a 30-year rate of 4.31%. These rates are as of 2/26/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – New Home Sales
Tuesday – Durable Goods Orders / Shiller Home Prices / FHFA Home Prices / Consumer Confidence
Wednesday – Mortgage Applications / GDP / Pending Home Sales
Thursday – Jobless Claims / Motor Vehicle Sales / Personal Income & Outlays / PMI Manufacturing / ISM Manufacturing / Construction Spending
Friday – Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
February 26, 2018