AAM Weekly Market Wrap – October 23, 2017

Weekly Market Wrap: Stocks rose again for the sixth straight week as the US Senate passed their budget resolution paving the way for tax cuts.


For The Week

  • The S&P 500 added 0.86% to 2,575.21
  • Oil rose 0.76% to $51.84
  • Gold fell 1.71% to $1,281.18
  • The US dollar gained 0.66% at $93.69 against other major world currencies.


2017 Year-To Date for the major indexes:


  • The S&P Index +15.02%
  • The Dow Jones Index +18.04%
  • The NASDAQ Index +23.15%
  • The Russell 2000 Small cap Index +11.21%
  • EAFE International Index +20.11%
  • 10 Year Treasury Yield is 2.38%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.89%, higher for the week and lower for the year
  • WTI Crude Oil Index -3.50%
  • Bloomberg Gold Index +11.17%
  • The Dollar Index -8.42% against other major world currencies



Monday the S&P 500 index rose 4 points on moderate-to-light volume as NY manufacturing rose and beat expectations while overseas data from China was positive.

Tuesday the markets added 2 points on moderate-to-light volume as both import and export prices rose more than expected, industrial production rose a little more than expected and the housing market index rose and beat expectations.

Wednesday the index gained 2 points on moderate volume as mortgage applications rose while both housing starts and building permits fell and missed estimates.

Thursday the S&P 500 added 1 point on moderate volume as jobless claims fell and beat expectations while leading economic indicators contracted and missed estimates on hurricane losses.

Friday the index jumped 13 points on moderate volume as existing home sales rose and beat expectations and the US Senate passed a budget resolution making way for possible tax cuts.

Mortgage rates were mixed on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.10% and a 30-year rate of 3.81%. These rates are as of 10/23/2017 and may include points.


What to watch for on the economic calendar this week:

Monday – Midwest Manufacturing

Tuesday – PMI Composite Flash

Wednesday – Mortgage Applications / Durable Goods / FHFA Home Prices / New Home Sales

Thursday – Weekly Jobless Claims / Pending Home Sales

Friday –GDP / Consumer Sentiment



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

October 23, 2017



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