AAM Weekly Market Wrap

Weekly Market Wrap: Stocks rebounded last week as recession concerns eased and stocks finished their best quarter since 2009.

 

For The Week

  • The S&P 500 gained 1.20% to 2,834.40
  • Oil added 1.86% to $60.14
  • Gold fell 1.58% to $1,292.20
  • The US dollar rose 0.66% at $97.25 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +13.07%
  • The Dow Jones Index +11.15%
  • The NASDAQ Index +16.49%
  • The Russell 2000 Small cap Index +14.18%
  • EAFE International Index +10.27%
  • 10 Year Treasury Yield is 2.40%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.81%, lower for the week and lower for the year
  • WTI Crude Oil Index +32.44%
  • Bloomberg Gold Index +0.75%
  • The Dollar Index +1.20% against other major world currencies

 

 

Monday the S&P 500 slipped 2 points on moderate volume with no major data reported.

Tuesday stocks jumped 20 points on moderate volume as both housing starts and building permits fell and missed estimates, consumer confidence fell and missed, FHFA home prices rose and beat expectations while Shiller home prices rose but missed estimates.

Wednesday the S&P 500 fell 13 points on moderate volume as mortgage applications rose.

Thursday stocks gained 10 points on moderate volume as jobless claims fell more than expected, PCE Prices rose, pending home sales fell and missed expectations and 4th quarter GDP’s final estimate came in at 2.2% which was lower than expected.

Friday stocks added 19 points on heavy volume as Chicago manufacturing fell, new home sales rose and beat expectations, both personal income and personal spending rose but missed estimates while consumer sentiment rose and beat expectations.

Mortgage rates continued lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.42% and a 30-year rate of 4.08%. These rates are as of 04/01/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Construction Spending / ISM Manufacturing / Retail Sales

Tuesday – Durable Goods Orders / Auto Sales

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

Thursday – Jobless Claims

Friday – March Jobs Report / Consumer Credit

 

 

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

April 1, 2019

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