Weekly Market Wrap: Stocks rose for the 4rd straight week of the year led by positive corporate earnings.
For The Week
- The S&P 500 added 2.23% to 2,872.87
- Oil jumped 4.26% to $66.14
- Gold rose 1.31% to $1,349.49
- The US dollar lost another 1.67% at $89.12 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +7.45%
- The Dow Jones Index +7.68%
- The NASDAQ Index +8.73%
- The Russell 2000 Small cap Index +4.72%
- EAFE International Index +7.03%
- 10 Year Treasury Yield is 2.66%, higher for the week and higher for the year
- 30 Year Treasury Yield is 2.91%, flat for the week and higher for the year
- WTI Crude Oil Index +9.96%
- Bloomberg Gold Index +3.54%
- The Dollar Index -3.41% against other major world currencies
Monday the S&P 500 jumper 23 points on moderate volume with no major data reported and congress votes to re-open the government after a weekend shutdown.
Tuesday stocks gained 6 points on moderate volume with no major data reported.
Wednesday the index slipped 2 points on moderately-heavy volume as mortgage applications rose, FHFA home prices rose a little less than expected, the PMI composite flash rose a little less than expected while existing home sales fell and missed estimates.
Thursday the S&P 500 gained 2 points on moderate volume as jobless claims rose but were less than expected, new home sales fell and missed estimates while leading indicators rose more than expected.
Friday the index jumped 34 points on moderate volume as durable goods orders rose and beat expectations while the 4th quarter GDP 1st estimate came in a little lower than expected at 2.6%.
Mortgage rates continued higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.46% and a 30-year rate of 4.10%. These rates are as of 1/29/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – Personal Income and Outlays
Tuesday – Shiller Home Prices / Consumer Confidence
Wednesday – Mortgage Applications / ADP Employment / Employment Costs / Pending Home Sales / FOMC Meeting Announcement
Thursday – Jobless Claims / Motor Vehicle Sales / PMI Manufacturing / ISM Manufacturing / Productivity & Costs / Construction Spending
Friday – December Employment / Factory Orders / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
January 29, 2018