Weekly Market Wrap: Stocks rose for the third straight week as 3Q earnings season began with mixed results, vaccine news was good and bad while fiscal stimulus talks continued with little results.
For The Week
- The S&P 500 added 0.19% to 3,483.81
- Oil gained 1.28% to $41.12
- Gold slipped 1.49% to $1,899.97
- The US dollar rose 0.69% at $93.70 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index +7.83%
- The Dow Jones Index +0.24%
- The NASDAQ Index +30.08%
- The Russell 2000 Small cap Index -2.08%
- EAFE International Index -6.77%
- 10 Year Treasury Yield is 0.74%, lower for the week and lower for the year
- 30 Year Treasury Yield is 1.53%, lower for the week and lower for the year
- WTI Crude Oil Index -32.66%
- Bloomberg Gold Index +25.16%
- The Dollar Index -2.90% against other major world currencies
Monday the S&P jumped 57 points on moderate volume with no major data reported.
Tuesday stocks dropped 22 points on moderate volume as consumer prices rose and matched estimates while small business optimism rose.
Wednesday the S&P 500 fell 23 points on moderate volume as mortgage applications fell and producer prices rose more than expected.
Thursday stocks lost 5 points on moderate volume as jobless claims rose more than expected, continuing claims fell, NY manufacturing fell and missed estimates while both import and export prices rose more than expected.
Friday the markets gained less than one point on moderate volume as both capacity utilization and industrial production fell and missed estimates, retail sales rose and beat expectations handily while consumer sentiment rose but missed estimates.
Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.57% and a 30-year rate of 3.04%. These rates are as of 10/19/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – Homebuilder Sentiment
Tuesday – Building Permits and Housing Starts
Wednesday – Mortgage Applications
Thursday – Jobless Claims / Existing Home Sales / Leading Economic Indicators
Friday – Markit PMI’s
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
October 19, 2020
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