Weekly Market Wrap: Stocks continued higher for the second full week of 2020 as the highly anticipated “Phase 1” trade deal with China was signed and 4th quarter earnings season kicked off with mostly positive results.
For The Week
- The S&P 500 added 1.97% to 3,329.62
- Oil fell 0.85% to $58.54
- Gold rose 0.01% to $1,560.30
- The US dollar advanced 0.27% at $97.62 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index +3.06%
- The Dow Jones Index +2.84%
- The NASDAQ Index +4.64%
- The Russell 2000 Small cap Index +1.87%
- EAFE International Index +1.35%
- 10 Year Treasury Yield is 1.83%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.29%, higher for the week and lower for the year
- WTI Crude Oil Index -4.13%
- Bloomberg Gold Index +2.79%
- The Dollar Index +1.16% against other major world currencies
Monday the S&P 500 jumped 23 points on moderate volume with no major data reported.
Tuesday stocks fell 5 points on moderate volume as consumer prices rose and matched while small business optimism fell.
Wednesday the S&P 500 gained 6 points on moderate volume as producer prices rose less than expected, NY manufacturing rose and beat while mortgage applications soared.
Thursday stocks surged 28 points on moderate volume as jobless claims fell more than expected, export prices fell, import prices were flat, homebuilder sentiment fell and beat while retail sales rose and matched expectations.
Friday the markets added 13 points on moderate volume as housing starts rose and beat estimates, building permits fell and missed, both industrial production and capacity utilization fell and missed while consumer sentiment fell but beat expectations.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.24% and a 30-year rate of 3.79%. These rates are as of 01/20/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – No Major Data
Tuesday – No Major Data
Wednesday – Mortgage Applications / Existing Home Sales / FHFA Home Prices
Thursday – Jobless Claims / Leading Economic Indicators
Friday – No Major Data
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
January 20, 2019