AAM Weekly Market Wrap – October 12, 2020

Weekly Market Wrap: Stocks rose for the second straight week as the Fed continued to encourage additional fiscal stimulus from congress and while President Trump initially called off further talks before encouraging a higher level of stimulus than the Whitehouse previously proposed.

For The Week

  • The S&P 500 jumped 3.84% to 3,477.14
  • Oil gained 9.58% to $40.60
  • Gold added 1.37% to $1,928.76
  • The US dollar slipped 0.84% at $93.06 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +7.63%
  • The Dow Jones Index +0.17%
  • The NASDAQ Index +29.06%
  • The Russell 2000 Small cap Index -1.85%
  • EAFE International Index -5.41%
  • 10 Year Treasury Yield is 0.77%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 1.57%, higher for the week and lower for the year
  • WTI Crude Oil Index -33.51%
  • Bloomberg Gold Index +27.06%
  • The Dollar Index -3.56% against other major world currencies

Monday the S&P jumped 60 points on moderately heavy volume as ISM non-manufacturing rose and beat expectations.

Tuesday stocks dropped 48 points on heavy volume with no major data reported.

Wednesday the S&P 500 rebounded 58 points on moderately heavy volume as mortgage applications rose, consumer credit use fell and missed while the FOMC continued to leave rates near zero.

Thursday stocks added 27 points on moderate volume as jobless claims fell but were higher than expected while continuing claims were lower.

Friday the markets gained 30 points on moderate volume with no major data reported.

Mortgage rates were flat last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.56% and a 30-year rate of 3.05%. These rates are as of 10/12/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Consumer Prices / Small Business Optimism

Wednesday – Mortgage Applications / Producer Prices

Thursday – Jobless Claims / NY Manufacturing / Import & Export Prices

Friday – Retail Sales / Homebuilder Sentiment / Capacity Utilization & Industrial Production / Consumer Sentiment

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

October 12, 2020                            

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Grandville, MI 49418

Phone: (616) 531-5220