Weekly Market Wrap: Stocks rose for the fourth straight week as many economic indicators hit multi-year highs.
For The Week
- The S&P 500 added 1.19% to 2,549.33
- Oil dropped 4.42% to $49.29
- Gold slipped 0.43% to $1,275.08
- The US dollar rose 0.81% at $93.81 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +13.87%
- The Dow Jones Index +15.24%
- The NASDAQ Index +22.42%
- The Russell 2000 Small cap Index +11.28%
- EAFE International Index +18.53%
- 10 Year Treasury Yield is 2.37%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.91%, higher for the week and lower for the year
- WTI Crude Oil Index -8.25%
- Bloomberg Gold Index +10.65%
- The Dollar Index -8.30% against other major world currencies
Monday the S&P 500 index rose 10 points on moderate volume as PMI Manufacturing, ISM manufacturing and construction spending all rose and beat expectations. ISM manufacturing hit a 13 year high.
Tuesday the markets added 5 points on moderate volume as vehicles sales rose to a 12 year high and beat expectations.
Wednesday the index gained 3 points on moderate volume as mortgage applications were mixed, ADP jobs fell and missed estimates, PMI services fell and missed while ISM non-manufacturing rose and beat expectations hitting a 3-year high.
Thursday the S&P 500 rose 14 points on moderate volume as jobless claims fell but beat expectations while factory orders rose and beat estimates.
Friday the index lost 3 points on moderate volume as the September jobs report showed a loss of 33,000 jobs which was lower than estimated, unemployment hit a 16-year low at 4.2%, the labor participation rate rose to 63.1%, average hourly earnings rose more than expected and consumer credit fell and missed estimates.
Mortgage rates continued higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.11% and a 30-year rate of 3.86%. These rates are as of 10/09/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications / FOMC Minutes
Thursday – Weekly Jobless Claims / Producer Prices
Friday –Consumer Prices / Retail Sales / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
October 09, 2017