AAM Weekly Market Wrap – January 7, 2019

Weekly Market Wrap: Stocks ended the first week of 2019 higher as hiring surged in December offsetting a disappointing manufacturing report.

 

For The Week

  • The S&P 500 rose 1.00% to 2,531.94
  • Oil jumped 5.62% to $47.96
  • Gold added 0.18% to $1,284.91
  • The US dollar gained 0.07% at $96.17 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +1.00%
  • The Dow Jones Index +0.45%
  • The NASDAQ Index +1.56%
  • The Russell 2000 Small cap Index +2.39%
  • EAFE International Index +1.89%
  • 10 Year Treasury Yield is 2.66%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.98%, lower for the week and lower for the year
  • WTI Crude Oil Index +5.62%
  • Bloomberg Gold Index +0.18%
  • The Dollar Index +0.07% against other major world currencies

 

 

Monday the S&P 500 rose 21 points on moderate volume with no major US data reported while Chinese manufacturing fell overseas.

Tuesday markets were closed – Happy New Year!

Wednesday the markets gained 3 points on moderately-heavy volume with no major US data released while European and Chinese manufacturing data disappointed.

Thursday stocks dropped 62 points on moderately-heavy volume as jobless claims rose more than expected, ADP jobs rose and beat estimates, ISM manufacturing fell and missed expectations while mortgage applications fell.

Friday stocks rebounded 84 points on moderately-heavy volume as the December jobs report added 312,000 jobs blowing out expectations, unemployment rose to 3.9% and hourly earnings rose 0.4% beating estimates.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.68% and a 30-year rate of 4.49%. These rates are as of 01/04/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – ISM Non-Manufacturing

Tuesday – Consumer Credit / Small Business Optimism

Wednesday – Mortgage Applications / FOMC Minutes

Thursday – Jobless Claims

Friday – Consumer Prices

 

 

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

January 7, 2019

 

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