Weekly Market Wrap: The S&P rose for the fifth straight week on China trade deal optimism, a better than expected 3Q earnings season and a steepening yield curve.
For The Week
- The S&P 500 added 0.85% to 3,093.08
- Oil rose 1.85% to $57.24
- Gold lost 3.50% to $1,460.41
- The US dollar gained 1.20% at $98.37 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +23.39%
- The Dow Jones Index +18.66%
- The NASDAQ Index +27.73%
- The Russell 2000 Small cap Index +18.56%
- EAFE International Index +16.25%
- 10 Year Treasury Yield is 1.94%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.43%, higher for the week and lower for the year
- WTI Crude Oil Index +26.05%
- Bloomberg Gold Index +13.87%
- The Dollar Index +2.36% against other major world currencies
Monday the S&P 500 gained 11 points on heavy volume as factory orders fell more than expected.
Tuesday stocks slipped 4 points on heavy volume as ISM Non-manufacturing rose and beat expectations.
Wednesday the S&P 500 gained 2 points on heavy volume as mortgage applications fell, worker productivity fell and missed while unit labor costs rose more than expected.
Thursday stocks added 8 points on heavy volume as jobless claims fell more than expected and consumer credit use fell and missed estimates.
Friday the markets gained 8 points on moderate volume as consumer sentiment rose and beat expectations.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.24% and a 30-year rate of 3.81%. These rates are as of 11/11/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – No Data
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications / Consumer Prices
Thursday – Jobless Claims / Producer Prices
Friday – Import & Export Prices / Industrial Production / Capacity Utilization / NY Manufacturing / Retail Sales
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 11, 2019