Weekly Market Wrap: World stocks jumped higher to begin 2018 on positive global manufacturing reports.
For The Week
- The S&P 500 surged 2.60% to 2,743.15
- Oil added 2.14% to $61.44
- Gold gained 1.18% to $1,318.69
- The US dollar slipped 0.34% at $91.96 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +2.60%
- The Dow Jones Index +2.33%
- The NASDAQ Index +3.38%
- The Russell 2000 Small cap Index +1.60%
- EAFE International Index +2.90%
- 10 Year Treasury Yield is 2.47%, higher for the week and higher for the year
- 30 Year Treasury Yield is 2.81%, higher for the week and higher for the year
- WTI Crude Oil Index +2.14%
- Bloomberg Gold Index +1.18%
- The Dollar Index -0.34% against other major world currencies
Monday markets were closed.
Tuesday stocks jumped 22 points on moderate volume as PMI manufacturing rose and beat expectations and world manufacturing reports were positive.
Wednesday the index gained 17 points on moderate volume as mortgage applications were mixed, motor vehicle sales rose and beat expectations, ISM manufacturing rose and beat estimates while construction spending rose and beat expectations.
Thursday the S&P 500 rose 11 points on moderately-heavy volume as jobless claims rose a little more than expected, ADP jobs rose and beat estimates while PMI services fell and missed expectations.
Friday the index added 19 points on moderately-heavy volume as the December employment report add less jobs than expected at 148,000, unemployment was steady at 4.1%, the participation rate also remained steady at 62.7%, hourly earnings rose and matched expectations, factory orders rose and beat expectations while ISM non-manufacturing fell and missed estimates.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.22% and a 30-year rate of 3.87%. These rates are as of 1/08/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – Consumer Credit
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications / Import & Export Prices
Thursday – Jobless Claims / Producer Prices
Friday – Consumer Prices / Retail Sales
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
January 8, 2018