AAM Weekly Market Wrap – November 30, 2020

Weekly Market Wrap: The S&P 500 rose for the third time in the last four weeks as positive vaccine news pushed the Dow above 30,000 for the first time.

For The Week

  • The S&P 500 rose 2.27% to 3,638.35
  • Oil jumped 7.14% to $45.45
  • Gold fell 4.54% to $1,788.06
  • The US dollar lost 0.61% at $91.80 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +12.62%
  • The Dow Jones Index +4.81%
  • The NASDAQ Index +36.03%
  • The Russell 2000 Small cap Index +11.20%
  • EAFE International Index +3.27%
  • 10 Year Treasury Yield is 0.85%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 1.58%, higher for the week and lower for the year
  • WTI Crude Oil Index -25.25%
  • Bloomberg Gold Index +17.79%
  • The Dollar Index -4.87% against other major world currencies

Monday the S&P gained 20 points on moderate volume as manufacturing and service PMI’s both rose.

Tuesday stocks jumped 58 points on heavy volume as consumer confidence fell and missed, FHFA home prices rose and Shiller home prices rose and beat expectations.

Wednesday the S&P 500 slipped 6 points on moderate volume as mortgage applications rose, jobless claims rose more than expected, continuing claims fell, Durable Goods Orders rose and beat expectations, 3rd quarter GDP, 2nd estimate matched at +33.1%, new home sales fell but beat, PCE prices were flat, personal income fell and missed, personal spending rose more than expected and consumer sentiment fell and missed expectations.

Thursday markets were closed.

Friday the markets gained 9 points on low volume with no major data reported.

Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.45% and a 30-year rate of 2.95%. These rates are as of 11/30/2020 and may include points.

What to watch for on the economic calendar this week:

Monday –Chicago Manufacturing / Pending Home Sales

Tuesday – ISM Manufacturing / Auto Sales / Construction Spending

Wednesday – Mortgage Applications / ADP Employment

Thursday – Jobless Claims / ISM Non-Manufacturing

Friday – November Jobs / Factory Orders

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

November 30, 2020                        

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Advanced Asset Management
4555 Wilson Ave SW, Suite 2
Grandville, MI 49418

Phone: (616) 531-5220