Weekly Market Wrap: Stocks rose last week as positive economic data and optimism over a Covid vaccine overcame record increases in US Covid cases.
For The Week
- The S&P 500 jumped 4.02% to 3,130.01
- Oil gained 5.61% to $40.65
- Gold added 0.25% to $1,775.36
- The US dollar slipped 0.17% at $97.28 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index -3.12%
- The Dow Jones Index -9.50%
- The NASDAQ Index +13.76%
- The Russell 2000 Small cap Index -14.18%
- EAFE International Index -11.05%
- 10 Year Treasury Yield is 0.69%, higher for the week and lower for the year
- 30 Year Treasury Yield is 1.44%, higher for the week and lower for the year
- WTI Crude Oil Index -33.43%
- Bloomberg Gold Index +16.95%
- The Dollar Index +0.81% against other major world currencies
Monday the S&P 500 jumped 44 points on heavy volume as pending home sales rose and beat estimates.
Tuesday stocks added 47 points on moderately heavy volume as Midwest manufacturing rose but missed, consumer confidence rose and beat estimates while Shiller home prices rose but missed expectations.
Wednesday the S&P 500 gained 16 points on moderately heavy volume as mortgage applications fell, ADP jobs added fewer than expected jobs, construction spending fell and missed estimates while ISM manufacturing rose and beat expectations.
Thursday stocks rose 14 points on moderately heavy volume as jobless claims fell less than expected, factory orders rose and beat, June payrolls added a higher than expected 4.8 million jobs and beat expectations, unemployment fell to 11.1% and beat estimates while average hourly earnings fell 1.2% and missed estimates.
Friday the markets were closed for the holiday.
Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.75% and a 30-year rate of 3.25%. These rates are as of 07/06/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – ISM Non-manufacturing
Tuesday – No major data
Wednesday – Mortgage Applications / Consumer Credit Use
Thursday – Jobless Claims
Friday – Producer Prices
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
July 06, 2020
economic indicators, economic news, Economy, Financial Adviser Grand Rapids, Financial Advisor Grand Rapids, Financial Planner Grand Rapids, Interest Rates, investments, mortgage rates, Personal Financial Planning, Stock Market