Weekly Market Wrap: The S&P gained for the 6th time in the last 7 weeks as 1Q earnings kicked off on a positive note and jobless claims fell to the lowest level since the beginning of the pandemic.
For The Week
- The S&P 500 gained 1.37% to 4,185.47
- Oil rallied 6.52% to $63.19
- Gold rose 1.80% to $1,775.03
- The US dollar lost 0.67% at $91.54 against other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +11.43%
- The Dow Jones Index +11.74%
- The NASDAQ Index +9.03%
- The Russell 2000 Small cap Index +14.57%
- EAFE International Index +8.66%
- 10 Year Treasury Yield is 1.59%, lower for the week and higher for the year
- 30 Year Treasury Yield is 2.29%, flat for the week and higher for the year
- WTI Crude Oil Index +30.23%
- Bloomberg Gold Index -6.60%
- The Dollar Index +1.78% against other major world currencies
Monday the S&P 500 slipped 1 point on moderate volume with no major data reported.
Tuesday stocks rose 14 points on moderate volume as consumer prices rose more than expected and small business optimism rose.
Wednesday the S&P 500 lost 17 points on moderate volume as mortgage applications fell and both import and export prices rose.
Thursday stocks jumped 46 points on moderate volume as jobless claims fell more than expected, continuing claims rose slightly, both capacity utilization and industrial production rose less than expected, NY manufacturing rose and beat estimates, homebuilder sentiment rose but missed while retail sales rose and beat expectations.
Friday the S&P 500 added 15 points on heavy volume as both housing starts and building permits rose and beat estimates while consumer sentiment rose but missed expectations.
Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.41% and a 30-year rate of 3.07%. These rates are as of 04/19/2021 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
Thursday – Jobless Claims / Existing Home Sales / Leading Indicators
Friday – New Home Sales
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
April 19, 2020
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