Weekly Market Wrap: Stocks continued higher for the 4th straight week and finished at record highs as positive corporate earnings offset supply chain issues and inflation concerns.
For The Week
- The S&P 500 added 1.33% to 4,605.38
- Oil slipped 0.23% to $83.57
- Gold lost 0.61% to $1,784.00
- The US dollar gained 0.56% at $94.14 other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +22.61%
- The Dow Jones Index +17.03%
- The NASDAQ Index +20.25%
- The Russell 2000 Small cap Index +16.32%
- EAFE International Index +10.31%
- 10 Year Treasury Yield is 1.55%, lower for the week and higher for the year
- 30 Year Treasury Yield is 1.93%, lower for the week and higher for the year
- WTI Crude Oil Index +72.24%
- Bloomberg Gold Index -6.13%
- The Dollar Index +4.67% against other major world currencies
Monday the S&P 500 rose 22 points on moderate volume with no major data reported.
Tuesday stocks gained 8 points on moderate volume as consumer confidence rose and beat expectations, new home sales rose and beat, FHFA home prices rose while Shiller home prices rose a little less than expected.
Wednesday the S&P 500 fell 23 points on moderate volume as mortgage applications rose and durable goods orders fell a little less than expected.
Thursday stocks jumped 45 points on moderate volume as jobless claims fell more than expected, continuing claims were lower, 3rd quarter GDP first estimate was lower than expected at 2% and pending home sales fell and missed expectations.
Friday the S&P 500 added 9 points on moderately heavy volume as Midwest manufacturing rose and beat estimates, employment costs were higher than expected, PCE prices rose and matched, personal income fell more than expected, personal spending rose and beat estimates while consumer sentiment rose and beat expectations.
Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.44% and a 30-year rate of 3.14%. These rates are as of 11/01/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – Construction Spending / ISM Manufacturing
Tuesday – No major data
Wednesday – Mortgage Applications / Factory Orders / ISM Non-Manufacturing / ADP Employment / FOMC Rate Decision
Thursday – Jobless Claims / Worker Productivity / Unit Labor Costs
Friday – October Jobs / Consumer Credit Use
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 1, 2021
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