Weekly Market Wrap: Stocks marched back to new highs last week as Delta concerns eased and the Fed comments regarding tapering and interest rates remained dovish.
For The Week
- The S&P 500 gained 1.52% to 4,509.37
- Oil jumped 10.62% to $68.74
- Gold rose 2.07% to $1,821.10
- The US dollar fell 0.86% at $92.68 against other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +20.06%
- The Dow Jones Index +15.84%
- The NASDAQ Index +17.39%
- The Russell 2000 Small cap Index +15.31%
- EAFE International Index +10.59%
- 10 Year Treasury Yield is 1.31%, lower for the week and higher for the year
- 30 Year Treasury Yield is 1.91%, lower for the week and higher for the year
- WTI Crude Oil Index +41.67%
- Bloomberg Gold Index -4.18%
- The Dollar Index +3.05% against other major world currencies
Monday the S&P 500 jumped 38 points on moderate volume as existing home sales rose and beat expectations.
Tuesday stocks added 7 points on moderate volume as new home sales rose and beat estimates.
Wednesday the S&P 500 gained 10 points on moderate volume as mortgage applications rose and durable good orders fell and missed.
Thursday stocks fell 26 points on light to moderate volume as jobless claims rose a little less than expected, continuing claims were lower while 2Q GDP 2nd estimate was higher and matched estimates @ 6.6%.
Friday the S&P 500 rebounded 39 points on moderate volume as PCE Prices rose and matched estimates, personal income rose and beat, personal spending rose but missed while consumer sentiment rose a little less than expected.
Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.68% and a 30-year rate of 3.30%. These rates are as of 08/30/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – Pending Home Sales
Tuesday – Midwest Manufacturing / Consumer Confidence / Shiller & FHFA Home Prices
Wednesday – Mortgage Applications / ADP Employment / Construction Spending / ISM Manufacturing
Thursday – Jobless Claims / Factory Orders / Worker Productivity & Unit Labor Costs
Friday – August Employment / ISM Non-manufacturing
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
August 30, 2020
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