Weekly Market Wrap: The S&P 500 rose for the third straight week despite increasing concerns over the Delta variant, a drop in Treasury bond yields and increasing stock volatility.
For The Week
- The S&P 500 added 0.40% to 4,369.55
- Oil fell 0.80% to $74.56
- Gold rose 1.28% to $1,810.60
- The US dollar slipped 0.14% at $92.12 against other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +16.33%
- The Dow Jones Index +13.93%
- The NASDAQ Index +14.07%
- The Russell 2000 Small cap Index +15.45%
- EAFE International Index +9.03%
- 10 Year Treasury Yield is 1.36%, lower for the week and higher for the year
- 30 Year Treasury Yield is 1.99%, lower for the week and higher for the year
- WTI Crude Oil Index +53.67%
- Bloomberg Gold Index -4.73%
- The Dollar Index +2.42% against other major world currencies
Monday the markets were closed.
Tuesday stocks fell 8 points on heavy volume as ISM Manufacturing fell and missed expectations but remained relatively high.
Wednesday the S&P 500 rose 15 points on heavy volume as mortgage applications fell.
Thursday stocks dropped 37 points on heavy volume as jobless claims rose slightly and missed, continuing claims were lower and consumer credit use rose and beat expectations.
Friday the S&P 500 jumped 49 points on moderate volume with no major data reported.
Mortgage rates jumped higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.32% and a 30-year rate of 3.79%. These rates are as of 07/12/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Consumer Prices / Small Business Optimism
Wednesday – Mortgage Applications / Producer Prices
Thursday – Jobless Claims / Import & Export Prices / Industrial Production / Capacity Utilization / NY Manufacturing
Friday – Retail Sales / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
July 12, 2020
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