Weekly Market Wrap: Stocks dropped last week as Coronavirus worries intensified and an Oil price war broke out between Saudi Arabia and Russia causing prices to plummet.
For The Week
• The S&P 500 dropped 8.79% to 2,711.02
• Oil fell 23.13% to $31.73
• Gold lost 9.07% to $1,520.75
• The US dollar rose 2.79% at $98.70 against other major world currencies.
2020 Year-To Date for the major indexes:
• The S&P Index -16.09%
• The Dow Jones Index -18.76%
• The NASDAQ Index -12.23%
• The Russell 2000 Small cap Index -27.47%
• EAFE International Index -23.80
• 10 Year Treasury Yield is 0.94%, higher for the week and lower for the year
• 30 Year Treasury Yield is 1.56%, higher for the week and lower for the year
• WTI Crude Oil Index -48.03%
• Bloomberg Gold Index +0.18%
• The Dollar Index +2.28% against other major world currencies
Monday the S&P 500 dropped 226 points on heavy volume with no major data reported.
Tuesday stocks rebounded 136 points on heavy volume as small business optimism rose.
Wednesday the S&P 500 fell 141 points on heavy volume as mortgage applications continued to surge and consumer prices rose a little more than expected.
Thursday stocks plunged 261 points on heavy volume as jobless claims fell a little more than expected while producer prices fell more than expected.
Friday the markets gained 230 points on heavy volume as import and export prices both fell while consumer sentiment fell a little more than expected.
Mortgage rates were rose last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.35% and a 30-year rate of 4.12%. These rates are as of 03/16/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – NY Manufacturing
Tuesday – Industrial Production and Capacity Utilization / Homebuilder Sentiment / Retail Sales
Wednesday – Mortgage Applications / Housing Starts and Building Permits / FOMC Announcement
Thursday – Jobless Claims
Friday – Existing Home Sales
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
March 16, 2020