Weekly Market Wrap: Stocks pushed through new highs this week as the Dow closed about 15,000 for the first time on positive world economic data.
For The Week
- The S&P 500 gained another 1.19% to 1,633.70
- Oil added 0.27% to $95.87
- Gold fell 1.70% to $1,444.12
- The US Dollar rose 1.25% to $83.15 against other major world currencies.
2013 Year-To-Date for the major indexes:
- The S&P index +14.55%
- The Dow Jones Index +15.37%
- The NASDAQ Index +13.81%
- The Russell 2000 Small cap Index +14.81%
- EAFE International Index +9.66%
- 10 Year Treasury Yield is 1.90%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.10%, higher for the week and higher for the year
- WTI Crude Oil Index +4.41%
- Bloomberg Gold Index -13.73%
- The Dollar Index +4.18% against other major world currencies
Monday the S&P 500 gained 3 points on moderate volume as Eurozone business activity posted unimpressive results.
Tuesday the index added 8 points on moderate volume as consumer credit rose and the Dow closed above 15,000 for the first time. Overseas the Australian bank surprised with a rate cut, German factory orders beat expectations and Euro-bank posted earnings that beat expectations.
Wednesday stocks gained 7 points on moderate volume as German industrial production was higher, China posted a wider than expected trade surplus and US mortgage applications were higher.
Thursday stocks slipped 6 points on moderate volume as US jobless claims continued lower, wholesale inventories rose but sales dropped, the Bank of England held rates steady but Korea cut rates, and the Dollar rallied against the Yen sending stocks lower at the end of the day on increased volatility.
Friday the S&P 500 added 7 points on light volume as Fed Chairman Bernanke’s speech did not indicate an end to the Fed’s stimulus.
Takeaways from this week:
- On a lite week of US data stocks pushed higher and closed near highs for the week.
- Data from overseas help to push world stocks higher as well as the US dollar to new highs for the year.
Mortgage rates moved higher this week. The national averages as reported by Bloomberg indicate a 15-year rate of 2.72% and a 30-year rate of 3.58%. These rates are as of 05/10/2013 and may include points.
What to watch for on the economic calendar next week:
Monday – Retail Sales / Business Inventories
Tuesday – Small Business Optimism / Import & Export Prices
Wednesday – Producer Prices / Housing Market Index / Industrial Production / NY Manufacturing
Thursday – Jobless Claims / Housing Starts / Consumer Prices / Philly Manufacturing
Friday – Consumer Sentiment / Leading Indicators
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
May 13, 2013