Weekly Market Wrap: Stocks continued higher for the seventh straight week as earnings season kicked into high gear with tech leading the way and economic data was mostly positive.
For The Week
- The S&P 500 added 0.23% to 2,581.07
- Oil jumped 3.97% to $53.90
- Gold fell 0.64% to $1,272.97
- The US dollar gained 1.26% at $94.87 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +15.29%
- The Dow Jones Index +18.58%
- The NASDAQ Index +24.49%
- The Russell 2000 Small cap Index +11.14%
- EAFE International Index +19.83%
- 10 Year Treasury Yield is 2.42%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.93%, higher for the week and lower for the year
- WTI Crude Oil Index +0.34%
- Bloomberg Gold Index +10.46%
- The Dollar Index -7.26% against other major world currencies
Monday the S&P 500 index fell 10 points on moderate volume with no major data reported.
Tuesday the markets gained 4 points on moderate volume as the PMI composite flash rose and beat expectations.
Wednesday the index dropped 12 points on heavy volume as mortgage applications fell, durable goods orders rose and beat expectations, FHFA home process rose and beat estimates and new home sales rose and crushed expectations.
Thursday the S&P 500 rose 3 points on moderate volume as jobless claims rose a little less than expected while pending home sales were flat and missed.
Friday the index jumped 21 points on moderate-to-heavy volume as 3Q GDP rose to 3.0% and beat expectations while consumer sentiment fell and missed estimates but remained strong
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.14% and a 30-year rate of 3.88%. These rates are as of 10/29/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – Personal Income and Outlays
Tuesday – Shiller Home Prices / Employment Costs / Consumer Confidence
Wednesday – Mortgage Applications / Motor Vehicle Sales / ADP Employment / PMI Manufacturing / ISM Manufacturing / Construction Spending / FOMC Meeting Announcement
Thursday – Weekly Jobless Claims / Productivity and Costs
Friday –Employment Situations / PMI Services / ISM Non-Manufacturing / Factory Orders
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
October 29, 2017