AAM Weekly Market Wrap – October 28, 2019

Weekly Market Wrap: The S&P rose for the third straight week as 3Q earnings mostly beat lowered expectations while overseas Brexit drama continued.

 

For The Week

  • The S&P 500 rose 1.22% to 3,022.55
  • Oil jumped 5.36% to $56.66
  • Gold added 0.77% to $1,505.64
  • The US dollar gained 0.60% at $97.85 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +20.57%
  • The Dow Jones Index +15.56%
  • The NASDAQ Index +24.23%
  • The Russell 2000 Small cap Index +15.58%
  • EAFE International Index +13.94%
  • 10 Year Treasury Yield is 1.80%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.29%, higher for the week and lower for the year
  • WTI Crude Oil Index +24.77%
  • Bloomberg Gold Index +17.40%
  • The Dollar Index +1.82% against other major world currencies

 

 

Monday the S&P 500 jumped 21 points on light volume with no major data reported.

Tuesday stocks fell 11 points on light volume as existing home sales fell and missed expectations.

Wednesday the S&P 500 gained 9 points on moderate volume as mortgage applications fell and FHFA home prices rose.

Thursday stocks added 6 points on moderate volume as jobless claims fell and beat, durable goods orders fell more than expected and new home sales fell and missed estimates.

Friday the markets rose 12 points on moderate volume as consumer sentiment fell and missed expectations.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.17% and a 30-year rate of 3.77%. These rates are as of 10/28/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Pending Home Sales / Consumer Confidence / Shiller Home Prices

Wednesday – Mortgage Applications / GDP 3Q First Estimate / ADP Employment / FOMC Rate Decision

Thursday – Jobless Claims / Chicago Manufacturing / PCE Prices / Personal Income and Spending / Employment Costs

Friday – October Employment / Vehicle Sales / Construction Spending / ISM Manufacturing

 

 

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

October 28, 2019

 

 

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