Weekly Market Wrap: The S&P rose for the fourth straight week to all-time highs on mostly positive corporate earnings and US-China trade optimism.
For The Week
- The S&P 500 added 1.47% to 3,066.91
- Oil fell 0.81% to $56.20
- Gold gained 0.51% to $1,513.39
- The US dollar slipped 0.66% at $97.20 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +22.34%
- The Dow Jones Index +17.23%
- The NASDAQ Index +26.39%
- The Russell 2000 Small cap Index +17.85%
- EAFE International Index +15.64%
- 10 Year Treasury Yield is 1.72%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.21%, lower for the week and lower for the year
- WTI Crude Oil Index +23.76%
- Bloomberg Gold Index +18.00%
- The Dollar Index +1.14% against other major world currencies
Monday the S&P 500 jumped 17 points on moderate volume with no major data reported.
Tuesday stocks slipped 3 points on moderate volume as consumer confidence fell and missed estimates, pending home sales rose and beat while Shiller home prices rose but missed expectations.
Wednesday the S&P 500 gained 10 points on moderate volume as mortgage applications rose, ADP jobs rose and beat estimates, 3Q GDP (1st estimate) fell but beat expectations and the FOMC lowered short-term rates another 0.25% as expected.
Thursday stocks lost 9 points on heavy volume as jobless claims rose more than expected, Chicago manufacturing fell and missed, PCE priced were flat and missed estimates, employment costs rose and matched, personal income rose and matched while personal spending rose and missed expectations.
Friday the markets surged 29 points on moderate volume as construction spending rose and beat estimates, ISM manufacturing rose but missed expectations and remained in contraction territory, and the October jobs report added 131,000 new jobs beating expectations, unemployment rose to 3.6% as expected and average hourly earnings rose 0.2% and matched estimates.
Mortgage rates were lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.16% and a 30-year rate of 3.75%. These rates are as of 11/04/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – Factory Orders
Tuesday – ISM Non-manufacturing
Wednesday – Mortgage Applications / Productivity and Unit Labor Costs
Thursday – Jobless Claims / Consumer Credit
Friday – Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 4, 2019