Weekly Market Wrap: Stocks continued higher for the fifth straight week as 3Q earnings season kicked off with positive bank results.
For The Week
- The S&P 500 added 0.15% to 2,553.17
- Oil rose 4.38% to $51.45
- Gold gained 2.23% to $1,303.46
- The US dollar slipped 0.78% at $93.08 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +14.04%
- The Dow Jones Index +15.73%
- The NASDAQ Index +22.71%
- The Russell 2000 Small cap Index +10.72%
- EAFE International Index +20.51%
- 10 Year Treasury Yield is 2.28%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.81%, lower for the week and lower for the year
- WTI Crude Oil Index -4.23%
- Bloomberg Gold Index +13.11%
- The Dollar Index -9.01% against other major world currencies
Monday the S&P 500 index fell 3 points on light-to-moderate volume with no major data released.
Tuesday the markets gained 6 points on moderate volume as small business optimism fell and missed estimates.
Wednesday the index added 5 points on moderate volume as mortgage applications fell.
Thursday the S&P 500 fell 4 points on moderate volume as jobless claims fell and beat expectations while producer prices rose and matched estimates.
Friday the index gained 2 points on moderate volume as consumer prices rose but missed estimates, retail sales also rose and missed estimates and consumer sentiment rose and beat expectations.
Mortgage rates were lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.08% and a 30-year rate of 3.83%. These rates are as of 10/16/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – NY Manufacturing
Tuesday – Import and Export Prices / Industrial Production / Housing Market Index
Wednesday – Mortgage Applications / Housing Starts
Thursday – Weekly Jobless Claims / Leading Indicators
Friday –Existing Home Sales
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
October 16, 2017