Weekly Market Wrap: Stocks broke a two-week losing streak as positive economic data outweighed Coronavirus concerns.
For The Week
- The S&P 500 jumped 3.17% to 3,227.71
- Oil fell 2.40% to $50.32
- Gold lost 1.08% to $1,570.72
- The US dollar gained 1.33% at $98.69 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index +3.17%
- The Dow Jones Index +3.00%
- The NASDAQ Index +4.04%
- The Russell 2000 Small cap Index +2.65%
- EAFE International Index +2.19%
- 10 Year Treasury Yield is 1.59%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.05%, higher for the week and lower for the year
- WTI Crude Oil Index -17.59%
- Bloomberg Gold Index +3.47%
- The Dollar Index +1.33% against other major world currencies
Monday the S&P 500 dropped 23 points on heavy volume as construction spending fell and missed while ISM Manufacturing rose and beat expectations.
Tuesday stocks rebounded 49 points on heavy volume as factory orders rose and beat estimates.
Wednesday the S&P 500 gained 37 points on heavy volume as mortgage apps rose while both ISM Non-manufacturing and ADP jobs reports rose and beat expectations.
Thursday stocks added 11 points on heavy volume as jobless claims fell a little more than expected, labor costs rose a little more than expected while productivity rose a little less than expected.
Friday the markets fell 18 points on moderate volume as the January jobs report added a better than expected 225,000 jobs, average hourly earnings rose by 0.3% and matched expectations, unemployment rose to 3.6% while consumer credit use rose and beat estimates.
Mortgage rates were flat on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.15% and a 30-year rate of 3.64%. These rates are as of 02/10/2020 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
Thursday – Jobless Claims / Consumer Prices
Friday – Import & Export Prices / Retail Sales / Consumer Sentiment / Capacity Utilization and Industrial Production
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
February 10, 2020