AAM Weekly Market Wrap – November 11, 2019

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

 

 

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