AAM Weekly Market Wrap – January 21, 2019

Weekly Market Wrap: Stocks rose for the 3rd straight week as 4Q earnings season began and possible progress in US-China trade talks surfaced.

 

For The Week

  • The S&P 500 added 2.87% to 2,670.71
  • Oil added 4.75% to $54.04
  • Gold slipped 0.52% to $1,280.96
  • The US dollar gained 0.75% at $96.39 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +6.54%
  • The Dow Jones Index +5.91%
  • The NASDAQ Index +7.87%
  • The Russell 2000 Small cap Index +9.93%
  • EAFE International Index +5.54%
  • 10 Year Treasury Yield is 2.78%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.09%, higher for the week and higher for the year
  • WTI Crude Oil Index +19.00%
  • Bloomberg Gold Index -0.52%
  • The Dollar Index +0.30% against other major world currencies

 

 

Monday the S&P 500 fell 14 points on moderate volume with no major data reported.

Tuesday stocks gained 28 points on moderate volume as producer prices fell more than expected and NY manufacturing slowed and missed estimates.  Overseas the Britian Brexit vote failed.

Wednesday the markets added 6 points on moderate volume as mortgage applications rose, import and export prices both fell while homebuilder sentiment rose and beat expectations.

Thursday stocks rose 20 points on moderately-heavy volume as jobless claims fell more than expected.

Friday stocks jumped 35 points on moderately-heavy volume as consumer sentiment fell and missed expectations while both industrial production and capacity utilization rose and beat estimates.

Mortgage rates were mixed on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.73% and a 30-year rate of 4.48%. These rates are as of 01/21/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Existing Home Sales

Wednesday – Mortgage Applications / FHFA Home Prices

Thursday – Jobless Claims / Leading Economic Indicators

Friday – No major data

 

 

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

January 21, 2019

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