Weekly Market Wrap: Stocks continued higher and the S&P 500 broke through 3000 for the first time as Fed Chair Powell kept hopes of an interest rate cut alive and inflation data remained tame.
For The Week
- The S&P 500 added 0.78% to 3,013.77
- Oil jumped 4.69% to $60.21
- Gold rose 1.00% to $1,414.89
- The US dollar slipped 0.43% at $96.83 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +20.22%
- The Dow Jones Index +17.17%
- The NASDAQ Index +24.25%
- The Russell 2000 Small cap Index +16.42%
- EAFE International Index +11.87%
- 10 Year Treasury Yield is 2.11%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.64%, higher for the week and lower for the year
- WTI Crude Oil Index +32.59%
- Bloomberg Gold Index +10.32%
- The Dollar Index +0.76% against other major world currencies
Monday the S&P 500 index fell 14 points on moderate volume as consumer credit use fell and missed expectations.
Tuesday stocks gained 4 points on light-to-moderate volume as small business optimism fell.
Wednesday the S&P 500 rose 13 points on moderate volume as mortgage applications fell and Federal Reserve Chair Powell spoke in front of Congress.
Thursday stock added 7 points on light-to-moderate volume as jobless claims fell and beat while consumer prices rose a little more than expected but remained tame.
Friday the markets jumped 14 points on light volume as producer prices rose a little more than expected but remained subdued.
Mortgage rates continued higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.25% and a 30-year rate of 3.86%. These rates are as of 07/15/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – NY Manufacturing
Tuesday – Industrial Production & Capacity Utilization / Import & Export Prices / Homebuilder Sentiment / Retail Sales
Wednesday –Mortgage Applications / Housing Starts & Building Permits
Thursday – Jobless Claims / Leading Economic Indicators
Friday – Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
July 15, 2019