Weekly Market Wrap: Stocks inched higher this holiday shortened week on mixed US data.
For The Week
- The S&P 500 added 0.04% to 2090.11
- Oil rose 0.07% to $41.93
- Gold fell 1.76% to $1,058.67
- The US Dollar gained 0.46% to $100.06 against other major world currencies.
2015 Year-To Date for the major indexes:
- The S&P Index +1.52%
- The Dow Jones Index -0.14%
- The NASDAQ Index +8.27%
- The Russell 2000 Small cap Index -0.19%
- EAFE International Index -0.23%
- 10 Year Treasury Yield is 2.24%, lower for the week and higher for the year
- 30 Year Treasury Yield is 3.00%, lower for the week and higher for the year
- WTI Crude Oil Index -21.29%
- Bloomberg Gold Index -10.51%
- The Dollar Index +10.83% against other major world currencies
Monday the S&P 500 index fell 3 points on moderate volume as both existing home sales and PMI Manufacturing fell and missed estimates
Tuesday the index gained 3 points on moderately-heavy volume as 3Q GDP was revised higher from 1.5 to 2.1, Shiller home prices rose and consumer confidence fell and missed expectations. Overseas a Russian fighter jet was shot down by Turkey claiming it was flying over its border.
Wednesday the index slipped less than 1 point on light volume as mortgage applications fell, durable goods orders rose and beat expectations, jobless claims fell, personal income and outlays both rose while core inflation remained flat, new home sales rose but missed estimates, consumer sentiment fell and missed estimates, FHFA home prices rose and beat estimates.
Thursday markets were closed for Thanksgiving.
Friday the S&P 500 index added 1 point on light volume with no major US data releases while overseas Chinese stocks fell on concerns over new security regulations.
Takeaways from this week:
- Stocks were flat on mixed US data and low holiday volume.
- Treasury yields slipped lower.
- Overseas stocks fell modestly.
Mortgage rates were mixed for the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.08% and a 30-year rate of 4.01%. These rates are as of 11/30/2015 and may include points.
What to watch for on the economic calendar this week:
Monday –Chicago Manufacturing / Pending Home Sales
Tuesday – Motor Vehicle Sales / PMI & ISM Manufacturing / Construction Spending
Wednesday –Mortgage Applications / ADP Employment / Productivity & Costs
Thursday –Weekly Jobless Claims / Factory Orders / ISM Non-Manufacturing
Friday – November Jobs Report
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 30, 2015