AAM Weekly Market Wrap – January 11, 2021

Weekly Market Wrap: Stocks rallied to begin 2021 despite unexpected December job losses and chaos at the Capitol.

For The Week

  • The S&P 500 rose 1.83% to 3,824.68
  • Oil jumped 7.67% to $52.24
  • Gold fell 2.73% to $1,848.67
  • The US dollar gained at $90.05 against other major world currencies.

2021 Year-To Date for the major indexes:

  • The S&P Index +1.83%
  • The Dow Jones Index +1.61%
  • The NASDAQ Index +2.43%
  • The Russell 2000 Small cap Index +5.91%
  • EAFE International Index +3.78%
  • 10 Year Treasury Yield is 1.12%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 1.87%, higher for the week and higher for the year
  • WTI Crude Oil Index +7.67%
  • Bloomberg Gold Index -2.73%
  • The Dollar Index +0.12% against other major world currencies

Monday the S&P dropped 55 points on heavy volume as construction spending rose and matched expectations.

Tuesday stocks rebounded 26 points on heavy volume as ISM Manufacturing rose and beat estimates.

Wednesday the S&P 500 gained 21 points on heavy volume as mortgage applications rose, factory orders rose and beat expectations while ADP jobs fell and missed estimates.

Thursday stocks jumped 56 points on heavy volume as jobless claims fell more than expected, continuing claims were lower and ISM Non-manufacturing rose and beat expectations.

Friday the S&P 500 added 21 points on heavy volume as the December jobs report showed a loss of 140,000 jobs missing estimates, unemployment held steady at 6.7% matching expectations, average hourly earnings rose 0.8% which was more than expected while consumer credit use rose more than expected.

Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.35% and a 30-year rate of 2.87%. These rates are as of 01/11/2021 and may include points.

What to watch for on the economic calendar this week:

Monday –No Data

Tuesday – Small Business Optimism

Wednesday – Mortgage Applications / Consumer Prices

Thursday – Jobless Claims / Import & Export Prices

Friday – Producer Prices / NY Manufacturing / Capacity Utilization / Industrial Production / Retail Sales / Consumer Sentiment                                

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

January 11, 2020                                                                                                 

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Grandville, MI 49418

Phone: (616) 531-5220