Weekly Market Wrap: Stocks finished the week slightly lower as disappointing economic data weighed on stocks despite the Fed remaining dovish on interest rates.
For The Week
- The S&P 500 slipped 0.77% to 3,913.10
- Oil fell 6.36% to $61.44
- Gold gained 1.08% to $1,742.86
- The US dollar rose 0.34% at $91.93 against other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +4.18%
- The Dow Jones Index +6.60%
- The NASDAQ Index +2.54%
- The Russell 2000 Small cap Index +15.83%
- EAFE International Index +4.74%
- 10 Year Treasury Yield is 1.73%, higher for the week and higher for the year
- 30 Year Treasury Yield is 2.45%, higher for the week and higher for the year
- WTI Crude Oil Index +26.63%
- Bloomberg Gold Index -8.29%
- The Dollar Index +2.21% against other major world currencies
Monday the S&P 500 jumped 26 points on moderate volume as NY manufacturing rose and beat expectations.
Tuesday stocks fell 6 points on moderate volume as retail sales, homebuilder sentiment, industrial production and capacity utilization all fell and missed estimated while both import and export prices rose.
Wednesday the S&P 500 gained 11 points on moderately heavy volume as mortgage applications fell, both building permits and housing starts fell and missed expectations and the Fed left rates steady.
Thursday stocks dropped 59 points on heavy volume as jobless claims rose and missed, continuing claims were slightly lower and leading indicators rose but missed estimates.
Friday the S&P 500 lost 2 points on very heavy volume with no major data reported.
Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.52% and a 30-year rate of 3.32%. These rates are as of 03/22/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – Existing Home Sales
Tuesday – New Home Sales
Wednesday – Mortgage Applications / Durable Goods Orders
Thursday – Jobless Claims / GDP 4th Quart Final Estimate
Friday – Personal Income and Spending / PCE Prices / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
March 22, 2020
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