AAM Weekly Market Wrap – February 27, 2017

Weekly Market Wrap: Stocks continued higher for the fifth week in a row on positive housing data and mixed earnings reports.

 

For The Week

  • The S&P 500 added 0.69% to 2,367.34
  • Oil gained 0.39% to $53.99
  • Gold rose 1.53% to $1,257.79
  • The US Dollar gained 0.20% at $101.13 against other major world currencies.

 

2017 Year-To Date for the major indexes:

 

  • The S&P Index +5.74%
  • The Dow Jones Index +5.36%
  • The NASDAQ Index +8.59%
  • The Russell 2000 Small cap Index +2.76%
  • EAFE International Index +4.61%
  • 10 Year Treasury Yield is 2.31%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.95%, lower for the week and lower for the year
  • WTI Crude Oil Index +0.50%
  • Bloomberg Gold Index +9.15%
  • The Dollar Index -1.14% against other major world currencies

 

 

Monday the markets were closed.

Tuesday the index jumped 14 points on moderate volume as PMI manufacturing flash growth slowed and missed estimates.

Wednesday the index slipped 3 points on moderate volume as mortgage applications continued lower and existing home sales rose to a 10-year high and beat expectations.

Thursday the S&P 500 gained 1 point on moderately-heavy volume as jobless claims rose and matched estimates while FHFA home prices rose and matched expectations gaining 6.2% year-over-year.

Friday the index added 4 points on moderately-heavy volume as new home sales rose but missed estimates and consumer sentiment rose and beat expectations.

 

Takeaways from this week:

  • US Stocks continued higher.
  • Treasury yields were lower despite increasing odds for a March rate hike.
  • World stocks were lower despite an expansion of Eurozone business activity.

 

Mortgage rates were mixed on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.24% and a 30-year rate of 3.99%. These rates are as of 2/27/2017 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Durable Goods Orders / Pending Home Sales

Tuesday – GDP / Shiller Home Prices/ Chicago PMI / Consumer Confidence

Wednesday –Mortgage Applications / Motor Vehicle Sales / Personal Income and Outlays / PMI Manufacturing / ISM Manufacturing / Construction Spending

Thursday – Weekly Jobless Claims

Friday – PMI Services / ISM Non-Manufacturing

 

 

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

February 27, 2017

 

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