AAM Weekly Market Wrap – October 14, 2019

Weekly Market Wrap: Stocks rose as news of a possible Phase I trade deal with China emerged on Friday afternoon.

 

For The Week

  • The S&P 500 gained 0.62% to 2,970.27
  • Oil was flat at $52.81
  • Gold fell 1.21% to $1,486.43
  • The US dollar lost 0.52% at $99.28 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +18.49%
  • The Dow Jones Index +14.96%
  • The NASDAQ Index +21.43%
  • The Russell 2000 Small cap Index +12.11%
  • EAFE International Index +11.42%
  • 10 Year Treasury Yield is 1.76%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.22%, higher for the week and lower for the year
  • WTI Crude Oil Index +16.30%
  • Bloomberg Gold Index +15.90%
  • The Dollar Index +3.31% against other major world currencies

 

 

Monday the S&P 500 fell 13 points on light volume as consumer credit use fell but beat estimates.

Tuesday stocks dropped 46 points on moderate volume as producer prices fell and missed while small business optimism fell as well.

Wednesday the S&P 500 rebounded 26 points on light volume as mortgage applications rose.

Thursday stocks added 19 points on light volume as jobless claims fell and beat expectations while consumer prices were flat and missed estimates.

Friday the markets rose 32 points on light volume as import prices rose, export prices fell and 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 3.19% and a 30-year rate of 3.80%. These rates are as of 10/14/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – NY Manufacturing

Wednesday – Mortgage Applications / Retail Sales

Thursday – Jobless Claims / Housing Starts / Building Permits / Industrial Production

Friday – Leading Economic Indicators

 

 

Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC

October 14, 2019

 

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