Washington Hotline – December 18, 2017

Weekly Market Wrap: Stocks rose for the 4th straight week as Congress finalized the tax reform bill and believe they have the votes to pass it.

 

For The Week

  • The S&P 500 added 0.92% to 2,675.81
  • Oil fell 0.10% to $57.30
  • Gold gained 0.63% to $1,255.80
  • The US dollar rose 0.03% at $93.93 against other major world currencies.

 

2017 Year-To Date for the major indexes:

 

  • The S&P Index +19.52%
  • The Dow Jones Index +24.74%
  • The NASDAQ Index +28.86%
  • The Russell 2000 Small cap Index +12.77%
  • EAFE International Index +21.20%
  • 10 Year Treasury Yield is 2.35%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.68%, lower for the week and lower for the year
  • WTI Crude Oil Index +6.66%
  • Bloomberg Gold Index +8.97%
  • The Dollar Index -8.18% against other major world currencies

 

 

Monday the S&P 500 index gained 8 points on moderate volume with no major data reported.

Tuesday the markets added 4 points on moderate volume as small business optimism rose and beat estimates while producer prices rose a little more than expected.

Wednesday the index lost 1 point on moderate volume as mortgage applications fell, consumer prices rose and matched estimates while the FOMC raised rates 0.25% as expected and raised the GDP 2018 forecast to 2.5%.

Thursday the S&P 500 fell 11 points on moderate volume as jobless claims fell more than expected, retail sales rose and beat estimates, import prices rose and matched, export prices rose a little more than expected and PMI composite flash fell.

Friday the index jumped 24 points on heavy volume as NY manufacturing fell and matched expectations while industrial production rose but missed estimates and in DC congress completed the tax reform bill and believe they have the votes to pass it.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.16% and a 30-year rate of 3.83%. These rates are as of 12/18/2017 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Housing Market Index

Tuesday – Housing Starts

Wednesday – Mortgage Applications / Existing Home Sales

Thursday – Jobless Claims / GDP / Corporate Profits / FHFA Home Prices / Leading Indicators

Friday – Durable Goods Orders / Personal Income and Outlays / New Home Sales / Consumer Sentiment

 

 

Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC

December 18, 2017

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