AAM Weekly Market Wrap – March 9, 2020

Weekly Market Wrap: Stocks see-sawed last week and ended the week slightly higher as coronavirus worries accelerated driving the 10-year Treasury yield below 1% for the first time ever.

For The Week
• The S&P 500 gained 0.61% to 2,972.37
• Oil fell 7.80% to $41.28
• Gold rose 5.61% to $1,672.40
• The US dollar dropped 2.39% at $96.02 against other major world currencies.

2020 Year-To Date for the major indexes:

• The S&P Index -8.00%
• The Dow Jones Index -9.37%
• The NASDAQ Index -4.42%
• The Russell 2000 Small cap Index -13.14%
• EAFE International Index -11.07
• 10 Year Treasury Yield is 0.74%, lower for the week and lower for the year
• 30 Year Treasury Yield is 1.25%, lower for the week and lower for the year
• WTI Crude Oil Index -32.39%
• Bloomberg Gold Index +10.17%
• The Dollar Index -0.50% against other major world currencies

Monday the S&P 500 rose 136 points on heavy volume as construction spending rose and beat estimates while ISM manufacturing fell and missed.
Tuesday stocks fell 87 points on heavy volume with no major data reported.
Wednesday the S&P 500 rallied 127 points on heavy volume as mortgage applications surged, ISM non-manufacturing rose and beat estimates while ADP employment rose and beat estimates.
Thursday stocks plunged 106 points on heavy volume as jobless claims fell but missed expectations, factory orders fell more than expected, worker productivity rose but missed while unit labor costs rose less than expected.
Friday the markets dropped another 52 points on heavy volume as the February jobs report added a better than expected 273,000 jobs, average hourly earnings rose and matched, unemployment fell to 3.5% and consumer credit use fell and missed expectations.
Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.98% and a 30-year rate of 3.66%. These rates are as of 03/09/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – No Major Data
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications / Consumer Prices
Thursday – Jobless Claims / Producer Prices
Friday – Import and Export Prices / Consumer Sentiment

Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
March 09, 2020

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