Weekly Market Wrap: Stocks rose the first full week of 2020 despite US-Iran tensions.
For The Week
- The S&P 500 gained 0.94% to 3,265.35
- Oil dropped 6.27% to $59.04
- Gold added 0.72% to $1,560.10
- The US dollar rose 0.56% at $97.36 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index +1.07%
- The Dow Jones Index +1.00%
- The NASDAQ Index +2.30%
- The Russell 2000 Small cap Index -0.65%
- EAFE International Index +0.01%
- 10 Year Treasury Yield is 1.82%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.28%, lower for the week and lower for the year
- WTI Crude Oil Index -3.31%
- Bloomberg Gold Index +2.77%
- The Dollar Index +0.89% against other major world currencies
Monday the S&P 500 gained 11 points on moderate volume with no major data reported.
Tuesday stocks fell 9 points on moderate volume as factory orders fell a little less than expected while ISM Non-manufacturing rose and beat estimates.
Wednesday the S&P 500 rose 16 points on moderately-heavy volume as the ADP jobs report showed more jobs added than expected, consumer credit use fell and missed while mortgage applications rose.
Thursday stocks added 22 points on moderately-heavy volume as jobless claims fell more than expected.
Friday the markets lost 9 points on moderate volume as the December jobs report added 145,000 jobs which was less than expected, average hourly earnings rose 0.1% which was less than expected while the unemployment rate held steady at 3.5% matching expectations.
Mortgage rates were lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.22% and a 30-year rate of 3.65%. These rates are as of 01/13/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – No Major Data
Tuesday – Consumer Prices / Small Business Optimism
Wednesday – Mortgage Applications / Producer Prices / NY Manufacturing
Thursday – Jobless Claims / Import & Export Prices / Homebuilder Sentiment / Retail Sales
Friday – Housing Starts and Building Permits / Industrial Production & Capacity Utilization / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
January 13, 2019