AAM Weekly Market Wrap – November 9, 2020

Weekly Market Wrap: Stocks rose last week despite election uncertainty as economic data continued to show improvement.

For The Week

  • The S&P 500 jumped 7.32% to 3,509.44
  • Oil gained 3.77% to $37.14
  • Gold rose 3.95% to $1,951.91
  • The US dollar dropped 1.87% at $92.25 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +8.63%
  • The Dow Jones Index -0.75%
  • The NASDAQ Index +32.57%
  • The Russell 2000 Small cap Index -1.46%
  • EAFE International Index -4.65%
  • 10 Year Treasury Yield is 0.82%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.60%, lower for the week and lower for the year
  • WTI Crude Oil Index -39.17%
  • Bloomberg Gold Index +28.58%
  • The Dollar Index -4.40% against other major world currencies

Monday the S&P gained 40 points on moderately heavy volume as construction spending rose but missed while ISM manufacturing rose and beat expectations.

Tuesday stocks added 59 points on moderately heavy volume as factory orders rose and matched estimates.

Wednesday the S&P 500 rose 74 points on heavy volume as mortgage applications rose, ISM non-manufacturing fell and missed while ADP employment also fell and missed expectations.

Thursday stocks gained 67 points on heavy volume as jobless claims fell less than expected, continuing claims were lower, worker productivity rose and beat while labor costs fell a little less than expected.

Friday the markets slipped one point on heavy volume as 638,000 jobs were added in October beating expectations, average hourly earnings rose less than expected by 0.1%, unemployment fell more than expected to 6.9% and consumer credit use rose and beat estimates.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.62% and a 30-year rate of 3.06%. These rates are as of 11/09/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – No major data

Wednesday – Mortgage Applications

Thursday – Jobless Claims / Consumer Prices

Friday – Producer Prices / Consumer Sentiment

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

November 9, 2020                          

economic indicatorseconomic newsEconomyFinancial Adviser Grand RapidsFinancial Advisor Grand RapidsFinancial Planner Grand RapidsInterest Ratesinvestmentsmortgage ratesPersonal Financial PlanningStock Market

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Grandville, MI 49418

Phone: (616) 531-5220