Weekly Market Wrap: Stocks fell last week as coronavirus worries weighed on traders despite mostly positive economic data.
For The Week
• The S&P 500 fell 1.25% to 3,337.75
• Oil added 2.56% to $53.38
• Gold gained 3.62% to $1,643.85
• The US dollar added 0.33% at $99.33 against other major world currencies.
2020 Year-To Date for the major indexes:
• The S&P Index +3.31%
• The Dow Jones Index +1.59%
• The NASDAQ Index +6.73%
• The Russell 2000 Small cap Index +0.61%
• EAFE International Index -1.70
• 10 Year Treasury Yield is 1.46%, lower for the week and lower for the year
• 30 Year Treasury Yield is 1.90%, lower for the week and lower for the year
• WTI Crude Oil Index -12.58%
• Bloomberg Gold Index +8.29%
• The Dollar Index +2.93% against other major world currencies
Monday markets were closed.
Tuesday stocks lost 10 points on heavy volume as NY manufacturing rose and beat expectations while homebuilder sentiment fell and missed.
Wednesday the S&P 500 gained 16 points on moderately heavy volume as mortgage applications fell, producer prices surged, building permits rose and beat while housing starts fell but also beat estimates.
Thursday stocks fell 13 points on heavy volume as jobless claims rose but beat expectations while leading economic indicators rose and beat estimates.
Friday the markets dropped 35 points on heavy volume as existing home sales fell but beat expectations.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.17% and a 30-year rate of 3.68%. These rates are as of 02/24/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Consumer Confidence / Shiller Home Prices / FHFA Home Prices
Wednesday – Mortgage Applications / New Home Sales
Thursday – Jobless Claims / Durable Goods Orders / 4Q GDP 2nd Estimate / Pending Home Sales
Friday – Personal Income & Spending / PCE Prices / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
February 24, 2020