Weekly Market Wrap: Stocks rose for the third straight week as global manufacturing rose and the May jobs report added significantly more jobs than expected.
For The Week
- The S&P 500 jumped 4.91% to 3,193.93
- Oil gained 11.44% to $39.55
- Gold fell 2.85% to $1,682.10
- The US dollar fell 1.40% at $96.96 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index -1.14%
- The Dow Jones Index -5.00%
- The NASDAQ Index +9.38%
- The Russell 2000 Small cap Index -9.67%
- EAFE International Index -8.09
- 10 Year Treasury Yield is 0.92%, lower for the week and lower for the year
- 30 Year Treasury Yield is 1.69%, higher for the week and lower for the year
- WTI Crude Oil Index -35.23%
- Bloomberg Gold Index +10.81%
- The Dollar Index +0.48% against other major world currencies
Monday the S&P 500 gained 11 points on moderately heavy volume as construction spending fell a little less than expected and ISM manufacturing rose less than expected.
Tuesday stocks added 25 points on heavy volume with no major data.
Wednesday the S&P 500 gained 42 points on heavy volume as mortgage applications fell, ADP employment lost 2.76 million jobs which was less than expected, factory orders fell and matched while ISM non-manufacturing rose a little more than expected.
Thursday stocks slipped 11 points on heavy volume as jobless claims fell a little less than expected, worker productivity fell a little less than expected while unit labor costs rose more than estimated.
Friday the S&P 500 added 82 points on heavy volume as May payrolls added 2.5 million jobs and beat expectations, unemployment fell to 13.3%, average hourly earnings fell 1% and missed while consumer credit use fell more than expected.
Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.87% and a 30-year rate of 3.52%. These rates are as of 06/08/2020 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 / FOMC Rate Decision
Thursday – Jobless Claims / Producer Prices
Friday – Import and Export Prices / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
June 08, 2020
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