Weekly Market Wrap: Stocks continued higher for the 5th straight week and finished at record highs as positive corporate earnings and economic data added to investor sentiment and the Fed began to reduce bond purchases as expected.
For The Week
- The S&P 500 added 2.00% to 4,697.53
- Oil lost 2.75% to $81.27
- Gold gained 1.98% to $1,819.40
- The US dollar gained 0.08% at $94.22 other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +25.07%
- The Dow Jones Index +18.09%
- The NASDAQ Index +23.92%
- The Russell 2000 Small cap Index +23.41%
- EAFE International Index +12.14%
- 10 Year Treasury Yield is 1.44%, lower for the week and higher for the year
- 30 Year Treasury Yield is 1.87%, lower for the week and higher for the year
- WTI Crude Oil Index +67.50%
- Bloomberg Gold Index -4.27%
- The Dollar Index +4.76% against other major world currencies
Monday the S&P 500 rose 8 points on moderate volume as construction spending fell and missed estimates while ISM manufacturing fell but beat expectations.
Tuesday stocks gained 17 points on moderate volume with no major data reported.
Wednesday the S&P 500 added 30 points on moderate volume as mortgage applications fell, ISM non-manufacturing, factory orders and ADP employment all rose and beat estimates, while the FOMC left rates steady and announced the reduction in bond purchases as expected.
Thursday stocks rose 19 points on moderately heavy volume as jobless claims fell more than expected, continuing claims were lower, worker productivity fell more than expected and unit labor costs rose more than expected.
Friday the S&P 500 added 17 points on moderately heavy volume as October payrolls added a better than expected 531,000 jobs, average hourly earnings rose 0.4% and matched, unemployment fell to 4.6% and beat expectations while consumer credit use rose and beat estimates.
Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.48% and a 30-year rate of 3.17%. These rates are as of 11/08/2021 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 / Jobless Claims / Consumer Prices
Thursday – No Major Data
Friday –Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 8, 2021
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