AAM Weekly Market Wrap – October 2, 2017

Weekly Market Wrap: Stocks rose for the third week in a row despite continued threats out of North Korea and uncertainty in Germany after a closer than expected election result.

 

For The Week

  • The S&P 500 added 0.68% to 2,519.36
  • Oil gained 1.80% to $51.57
  • Gold lost 1.26% to $1,280.64
  • The US dollar rose 0.95% at $93.06 against other major world currencies.

 

2017 Year-To Date for the major indexes:

 

  • The S&P Index +12.53%
  • The Dow Jones Index +13.37%
  • The NASDAQ Index +20.67%
  • The Russell 2000 Small cap Index +9.85%
  • EAFE International Index +18.62%
  • 10 Year Treasury Yield is 2.33%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.86%, higher for the week and lower for the year
  • WTI Crude Oil Index -4.00%
  • Bloomberg Gold Index +11.13%
  • The Dollar Index -9.03% against other major world currencies

 

 

Monday the S&P 500 index lost 6 points on moderate volume as Dallas manufacturing slowed but remained strong and beat estimates.

Tuesday the markets added less than 1 point on moderate volume as Shiller home prices rose and matched estimates, new home sales fell and missed while consumer confidence fell and missed expectations but remained strong.

Wednesday the index gained 10 points on moderate volume as mortgage applications were mixed but purchases gained, durable goods orders rose and beat estimates while pending home sales fell and missed expectations.  Also, details on the GOP tax plan were released.

Thursday the S&P 500 added 3 points on moderate volume as jobless claims rose but less than expected, 2Q GDP final estimate matched estimates at 3.1% and corporate profits growth slowed at 7.4%.

Friday the index rose 9 points on moderate-to-heavy volume as personal income growth slowed and matched expectations, consumer spending also slowed and matched, PCE prices rose but less than expected, Chicago manufacturing rose more than expected and consumer sentiment fell and matched expectations.

Mortgage rates continued higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.02% and a 30-year rate of 3.80%. These rates are as of 10/02/2017 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

Wednesday – Mortgage Applications / ADP Employment / PMI Services / ISM Non-Manufacturing

Thursday – Weekly Jobless Claims / Factory Orders

Friday – September Employment / Consumer Credit

 

 

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

October 02, 2017

 

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