Weekly Market Wrap: The S&P 500 continued higher for the second straight week as positive vaccine news offset rising US Covid cases concerns.
For The Week
- The S&P 500 added 2.16% to 3,585.15
- Oil jumped 8.05% to $40.13
- Gold fell 3.26% to $1,888.21
- The US dollar gained 0.55% at $92.76 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index +10.97%
- The Dow Jones Index +3.30%
- The NASDAQ Index +31.84%
- The Russell 2000 Small cap Index +4.53%
- EAFE International Index -0.10%
- 10 Year Treasury Yield is 0.87%, higher for the week and lower for the year
- 30 Year Treasury Yield is 1.65%, higher for the week and lower for the year
- WTI Crude Oil Index -34.28%
- Bloomberg Gold Index +24.39%
- The Dollar Index -3.88% against other major world currencies
Monday the S&P jumped 41 points on heavy volume with no major data reported.
Tuesday stocks slipped 5 points on heavy volume as small business optimism was flat.
Wednesday the S&P 500 rose 27 points on heavy volume as mortgage applications fell.
Thursday stocks fell 36 points on heavy volume as jobless claims fell more than expected, continuing claims were lower while consumer prices were flat.
Friday the markets gained 48 points on moderately heavy volume as producer prices rose more than expected while consumer sentiment fell and missed expectations.
Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.48% and a 30-year rate of 2.96%. These rates are as of 11/16/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – NY Manufacturing
Tuesday – Import & Export Prices / Capacity Utilization & Industrial Production / Retail Sales / Homebuilder Sentiment
Wednesday – Mortgage Applications / Housing Starts and Building Permits
Thursday – Existing Home Sales / Leading Economic Indicators
Friday – Producer Prices / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 16, 2020
economic indicators, economic news, Economy, Financial Adviser Grand Rapids, Financial Advisor Grand Rapids, Financial Planner Grand Rapids, Interest Rates, investments, mortgage rates, Personal Financial Planning, Stock Market