Weekly Market Wrap: After six straight weeks of gains stocks drop on Fed rate hike and global growth concerns.
For The Week
- The S&P 500 fell 3.63% to 2023.04
- Oil was plummeted 8.02% to $40.74
- Gold lost 0.59% to $1,082.00
- The US Dollar slipped 0.21% to $98.95 against other major world currencies.
2015 Year-To Date for the major indexes:
- The S&P Index -1.74%
- The Dow Jones Index -3.24%
- The NASDAQ Index +4.05%
- The Russell 2000 Small cap Index -4.83%
- EAFE International Index -2.55%
- 10 Year Treasury Yield is 2.26%, lower for the week and higher for the year
- 30 Year Treasury Yield is 3.04%, lower for the week and higher for the year
- WTI Crude Oil Index -23.52%
- Bloomberg Gold Index -8.53%
- The Dollar Index +9.60% against other major world currencies
Monday the S&P 500 index dropped 21 points on moderately-heavy volume as rate hike concerns and disappointing news out of China sent markets lower.
Tuesday the index rebounded 3 points on moderate volume as import and export prices both fell while small business optimism remained unchanged.
Wednesday the index lost 7 points on moderate volume as mortgage applications fell.
Thursday the index dropped 29 points on moderate volume as weekly jobless claims were flat but higher than expected.
Friday the S&P 500 index fell another 23 points on moderately-heavy volume as producer prices fell, retail sales slowed and missed estimates, consumer sentiment rose and overseas Europe raised global growth concerns.
Takeaways from this week:
- Stocks fell on continued Fed rate hike concerns and lackluster economic data.
- Treasury yields slipped lower.
- Overseas stocks continued to struggle and were lower on the week.
Mortgage rates were flat for the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.98% and a 30-year rate of 3.91%. These rates are as of 11/16/2015 and may include points.
What to watch for on the economic calendar this week:
Monday –NY Manufacturing
Tuesday – Consumer Prices / Industrial Production / Housing Market Index
Wednesday –Mortgage Applications / Housing Starts / FOMC Minutes
Thursday –Weekly Jobless Claims / Leading Indicators
Friday – No Major Data
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 16, 2015