AAM Weekly Market Wrap – November 16 2015

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

 

SandPweek

 

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

 

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