Weekly Market Wrap: Stocks suffered the worst single day of losses since 1987 as Coronavirus worries increased and oil prices continued to suffer.
For The Week
• The S&P 500 plummeted 14.98% to 2,304.92
• Oil dropped 28.68% to $22.63
• Gold slipped 1.87% to $1,492.30
• The US dollar rose 4.10% at $102.75 against other major world currencies.
2020 Year-To Date for the major indexes:
• The S&P Index -28.66%
• The Dow Jones Index -32.81%
• The NASDAQ Index -23.33%
• The Russell 2000 Small cap Index -39.23%
• EAFE International Index -32.24
• 10 Year Treasury Yield is 0.92%, lower for the week and lower for the year
• 30 Year Treasury Yield is 1.56%, flat for the week and lower for the year
• WTI Crude Oil Index -62.94%
• Bloomberg Gold Index -1.69%
• The Dollar Index +6.48% against other major world currencies
Monday the S&P 500 dropped 325 points on heavy volume as NY manufacturing plummeted and missed.
Tuesday stocks rebounded 143 points on heavy volume as industrial production rose and matched, capacity utilization fell and missed, homebuilder sentiment fell and missed while retail sales dropped and missed.
Wednesday the S&P 500 fell 131 points on heavy volume as mortgage applications fell, building permits fell and missed while housing starts fell but beat.
Thursday stocks gained 11 points on heavy volume as jobless claims rose more than expected while leading indicators rose slightly.
Friday the markets dropped 104 points on extra heavy volume as existing home sales rose and beat.
Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.44% and a 30-year rate of 3.97%. These rates are as of 03/23/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – New Home Sales
Wednesday – Mortgage Applications / Durable Goods Orders / FHFA Home Prices
Thursday – Jobless Claims / 3rd Quart GDP Final Estimate
Friday – PCE Prices / Consumer Sentiment / Personal Income and Spending
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
March 23, 2020