Weekly Market Wrap: Stocks made slight gains this week making October the best month for the market in 4 years rebounding off the lows in August and September.
For The Week
- The S&P 500 added 0.20% to 2079.36
- Oil was fell 1.42% to $46.59
- Gold lost 1.96% to $1,141.87
- The US Dollar slipped 0.10% to $96.99 against other major world currencies.
2015 Year-To Date for the major indexes:
- The S&P Index +0.99%
- The Dow Jones Index -0.90%
- The NASDAQ Index +6.71%
- The Russell 2000 Small cap Index -3.56%
- EAFE International Index +0.44%
- 10 Year Treasury Yield is 2.17%, higher for the week and flat for the year
- 30 Year Treasury Yield is 2.95%, higher for the week and higher for the year
- WTI Crude Oil Index -12.54%
- Bloomberg Gold Index -3.47%
- The Dollar Index +7.43% against other major world currencies
Monday the S&P 500 index lost 4 points on moderate volume as new home sales and Dallas manufacturing both fell and missed expectations.
Tuesday the index fell 5 points on moderate volume as durable goods orders fell and missed expectations, Shiller home prices edged higher, PMI service data showed slower growth and consumer confidence fell.
Wednesday the index jumped 24 points on moderately-heavy volume as mortgage applications fell and the Fed held interest rates steady but indicated that a December 16 rate hike is still possible.
Thursday the index slipped 1 point on moderately-heavy volume as weekly jobless claims rose slightly but beat expectations, pending home sales fell and 3Q GDP came in at 1.5% just short of expectations.
Friday the S&P 500 index fell 10 points on moderately-heavy volume as personal income and spending both made slight gains, consumer inflation data remained flat but employment rose, Chicago PMI surged and consumer sentiment rose but missed.
Takeaways from this week:
- Stocks continued higher despite some negative economic data this week.
- Treasury yields moved higher with the possibility of a rate hike in December.
- Overseas stocks were lower on the week.
Mortgage rates moved lower for the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.90% and a 30-year rate of 3.83%. These rates are as of 11/02/2015 and may include points.
What to watch for on the economic calendar this week:
Monday –PMI Manufacturing / ISM Manufacturing / Construction Spending
Tuesday – Motor Vehicle Sales / Factory Orders
Wednesday –Mortgage applications / ADP Employment / ISM Non-Manufacturing
Thursday – Weekly Jobless Claims / Productivity & Costs
Friday – October Employment Report / Consumer Credit
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 2, 2015