Weekly Market Wrap: Stocks continued higher again last week on mostly positive economic data and the start of 2Q earnings season.
For The Week
- The S&P 500 added 0.54% to 2,472.54
- Oil fell 1.65% to $45.77
- Gold gained 2.08% to $1,254.15
- The US dollar fell 1.26% at $93.94 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +10.44%
- The Dow Jones Index +9.20%
- The NASDAQ Index +18.66%
- The Russell 2000 Small cap Index +5.80%
- EAFE International Index +15.28%
- 10 Year Treasury Yield is 2.24%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.81%, lower for the week and lower for the year
- WTI Crude Oil Index -14.80%
- Bloomberg Gold Index +8.83%
- The Dollar Index -8.17% against other major world currencies
Monday the S&P 500 fell less than 1 point on moderate volume as NY Manufacturing fell and missed expectations.
Tuesday the markets gained 1 point on light-to-moderate volume as import prices fell and matched expectations, export prices fell more than expected and the housing market index fell and missed estimates.
Wednesday the index jumped 13 points on moderate volume as mortgage applications rose while housing starts and permits both rose and beat expectations.
Thursday the S&P 500 fell less than 1 point on moderate volume as jobless claims fell and beat expectations while leading economic indicators rose more than expected.
Friday the index lost 1 point on moderate volume with no major data released.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.02% and a 30-year rate of 3.84%. These rates are as of 7/24/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – PMI Flash Manufacturing / Existing Home Sales
Tuesday – FHFA Home Prices / Shiller Home Prices / Consumer Confidence
Wednesday – Mortgage Applications / New Home Sales / FOMC Meeting Announcement
Thursday – Weekly Jobless Claims / Durable Goods Orders
Friday – GDP / Employment Costs / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
July 24, 2017