AAM Weekly Market Wrap – March 29, 2021

Weekly Market Wrap: Stocks rallied to end the week higher as 4th quarter GDP was slightly better than expected and stocks focused on re-opening the economy.

For The Week

  • The S&P 500 gained 1.57% to 3,974.54
  • Oil fell 0.76% to $60.97
  • Gold slipped 0.63% to $1,731.83
  • The US dollar lost 0.23% at $91.72 against other major world currencies.

2021 Year-To Date for the major indexes:

  • The S&P Index +5.82%
  • The Dow Jones Index +8.06%
  • The NASDAQ Index +1.94%
  • The Russell 2000 Small cap Index +12.49%
  • EAFE International Index +4.97%
  • 10 Year Treasury Yield is 1.68%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 2.39%, lower for the week and higher for the year
  • WTI Crude Oil Index +25.66%
  • Bloomberg Gold Index -8.87%
  • The Dollar Index +1.98% against other major world currencies

Monday the S&P 500 rose 27 points on heavy volume as existing home sales fell and missed estimates.

Tuesday stocks fell 30 points on heavy volume as new home sales fell and missed expectations.

Wednesday the S&P 500 lost 21 points on heavy volume as mortgage applications fell while durable goods orders fell and missed estimates.

Thursday stocks rebounded 20 points on heavy volume as jobless claims fell more than expected, continuing claims fell and the 4th quarter GDP final estimate was higher than expected at 4.3%

Friday the S&P 500 surged 65 points on heavy volume as PCE prices rose less than expected, both personal income and spending fell a little more than expected while consumer sentiment rose and beat estimates.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.47% and a 30-year rate of 3.22%. These rates are as of 03/29/2021 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Consumer Confidence / Shiller and FHFA Home Prices

Wednesday – Mortgage Applications / Pending Home Sales / Midwest Manufacturing / ADP Employment

Thursday – Jobless Claims / ISM Manufacturing / Construction Spending

Friday – March Jobs Report

Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC

March 29, 2020                                                                                                   

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Grandville, MI 49418

Phone: (616) 531-5220