Weekly Market Wrap: Stocks rose for the third straight week as China trade talks may resume and hints of more stimulus in Europe pushed stocks higher while softening global manufacturing data and turmoil in Iran were not enough to offset trader optimism.
For The Week
- The S&P 500 jumped 2.20% to 2,950.46
- Oil surged 9.37% to $57.43
- Gold rose 4.42% to $1,400.36
- The US dollar dropped 1.44% at $96.16 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +17.70%
- The Dow Jones Index +14.54%
- The NASDAQ Index +21.05%
- The Russell 2000 Small cap Index +14.91%
- EAFE International Index +11.14%
- 10 Year Treasury Yield is 2.06%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.59%, flat for the week and lower for the year
- WTI Crude Oil Index +26.47%
- Bloomberg Gold Index +9.19%
- The Dollar Index +0.06% against other major world currencies
Monday the S&P 500 index rose 3 points on light volume as NY manufacturing fell and homebuilder sentiment fell and missed estimates.
Tuesday stocks jumped 28 points on moderate volume as building permits fell and missed while housing starts fell but beat expectations.
Wednesday the S&P 500 gained 9 points on moderate volume as mortgage applications fell and the FOMC left interest rates unchanged.
Thursday stocks gained 28 points on heavy volume as jobless claims fell more than expected while leading economic indicators were flat and missed expectations.
Friday the markets fell 4 points on heavy volume as existing home sales rose and beat estimates.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.18% and a 30-year rate of 3.95%. These rates are as of 06/24/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Consumer Confidence / FHFA & Shiller Home Prices / New Home Sales
Wednesday – Mortgage Applications / Durable Goods Orders
Thursday – Jobless Claims / Pending Home Sales / 1Q GDP 3rd estimate
Friday – PCE Prices / Personal Income & Spending / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
June 24, 2019