Weekly Market Wrap: The S&P continued higher last week as corporate profits, job growth, manufacturing growth and service sector growth all led to higher investor optimism.
For The Week
- The S&P 500 rose 0.61% to 4,229.89
- Oil jumped 4.98% to $69.62
- Gold slipped 0.61% to $1,891.51
- The US dollar added 0.10% at $90.12 against other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +12.61%
- The Dow Jones Index +13.56%
- The NASDAQ Index +7.19%
- The Russell 2000 Small cap Index +15.78%
- EAFE International Index +11.94%
- 10 Year Treasury Yield is 1.56%, lower for the week and higher for the year
- 30 Year Treasury Yield is 2.24%, lower for the week and higher for the year
- WTI Crude Oil Index +43.49%
- Bloomberg Gold Index -0.47%
- The Dollar Index +0.20% against other major world currencies
Monday the markets were closed.
Tuesday stocks slipped 7 points on heavy volume as construction spending rose but missed estimates while ISM manufacturing rose and beat.
Wednesday the S&P 500 gained 6 points on heavy volume as mortgage applications fell.
Thursday stocks lost 15 points on heavy volume as jobless claims fell more than expected, continuing claims were higher, ADP jobs rose and beat, ISM non-manufacturing rose and beat estimates, worker productivity rose a little less than expected while unit labor costs rose more than expected.
Friday the S&P 500 surged 37 points on moderate volume as the May jobs report added 559,000 jobs but missed expectations, unemployment fell more than expected to 5.8%, average hourly earnings rose 0.5% and beat expectations while factory orders fell and missed estimates.
Mortgage rates were flat last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.65% and a 30-year rate of 3.31%. These rates are as of 06/07/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – Consumer Credit Use
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications
Thursday – Jobless Claims / Consumer Prices
Friday – Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
June 7, 2020
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