Weekly Market Wrap: Stocks were higher for the second week in a row as coronavirus worries eased and inflation data was muted.
For The Week
- The S&P 500 added 1.58% to 3,380.16
- Oil jumped 3.44% to $52.05
- Gold rose 1.00% to $1,586.40
- The US dollar gained 0.31% at $99.00 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index +4.62%
- The Dow Jones Index +3.01%
- The NASDAQ Index +8.45%
- The Russell 2000 Small cap Index +1.15%
- EAFE International Index -0.35%
- 10 Year Treasury Yield is 1.60%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.04%, lower for the week and lower for the year
- WTI Crude Oil Index -14.76%
- Bloomberg Gold Index +4.50%
- The Dollar Index +2.59% against other major world currencies
Monday the S&P 500 jumped 24 points on moderately heavy volume with no major data reported.
Tuesday stocks added 6 points on moderately heavy volume as small business optimism rose.
Wednesday the S&P 500 gained 22 points on heavy volume as mortgage applications rose.
Thursday stocks gave back 5 points on moderately heavy volume as jobless claims fell a little more than expected and consumer prices rose less than expected.
Friday the markets gained 6 points on moderately heavy volume as both industrial production and capacity utilization fell and matched estimates, import prices were flat, export prices rose, retail sales rose and matched while consumer sentiment rose and beat expectations.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.13% and a 30-year rate of 3.64%. These rates are as of 02/17/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – NY Manufacturing / Homebuilder Sentiment
Wednesday – Mortgage Applications / Building Permits / Housing Starts / FOMC Minutes / Producer Prices
Thursday – Jobless Claims / Leading Indicators
Friday – Existing Home Sales
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
February 17, 2020