Weekly Market Wrap: Stocks fell for the first time in 9 weeks as tax reform, mixed earnings reports and tech merger activity see-sawed the markets.
For The Week
- The S&P 500 slipped 0.21% to 2,582.30
- Oil jumped 1.98% to $56.74
- Gold rose 0.43% to $1,275.58
- The US dollar lost 0.56% at $94.39 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +15.34%
- The Dow Jones Index +18.52%
- The NASDAQ Index +25.41%
- The Russell 2000 Small cap Index +8.71%
- EAFE International Index +20.01%
- 10 Year Treasury Yield is 2.25%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.81%, lower for the week and lower for the year
- WTI Crude Oil Index +5.62%
- Bloomberg Gold Index +10.69%
- The Dollar Index -7.73% against other major world currencies
Monday the S&P 500 index gained 3 points on moderately-heavy volume with no major data reported.
Tuesday the markets lost less than 1 point on moderately-heavy volume as consumer credit rose more than expected.
Wednesday the index added 4 points on moderate volume as mortgage applications were mixed.
Thursday the S&P 500 dropped 9 points on moderate volume as jobless claims rose more than expected and the Senate tax bill was released.
Friday the index lost 3 points on moderate volume as consumer sentiment fell more than expected.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.14% and a 30-year rate of 3.80%. These rates are as of 11/13/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Small Business Optimism / Producer Prices
Wednesday – Mortgage Applications / Consumer Prices / Retail Sales / NY Manufacturing
Thursday – Weekly Jobless Claims / Import & Export Prices / Industrial Production / Housing Market Index
Friday – Housing Starts
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 13, 2017