Weekly Market Wrap: Stocks rose last week on mostly positive economic data and as trade concerns continued to linger with new possible tariffs on China announced.
For The Week
- The S&P 500 gained 1.16% to 2,904.98
- Oil rose 1.83% to $68.99
- Gold slipped 0.12% to $1,194.21
- The US dollar fell 0.49% at $94.92 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +8.65%
- The Dow Jones Index +5.81%
- The NASDAQ Index +16.03%
- The Russell 2000 Small cap Index +12.13%
- EAFE International Index -5.06%
- 10 Year Treasury Yield is 2.99%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.13%, higher for the week and higher for the year
- WTI Crude Oil Index +14.70%
- Bloomberg Gold Index -8.37%
- The Dollar Index +2.87% against other major world currencies
Monday the S&P 500 index rose 5 points on moderate volume as consumer credit use rose and beat expectations.
Tuesday stocks added 10 points on moderate volume as small business optimism rose.
Wednesday the market gained 1 point on moderate volume as mortgage applications fell and producer prices fell and missed estimates.
Thursday the S&P 500 jumped 15 points on moderate volume as jobless claims fell more than expected and consumer prices rose and matched expectations.
Friday stocks added 1 point on moderate volume as import and export prices both fell, capacity utilization fell and missed, industrial production rose and beat estimates, retail sales rose but missed expectations while consumer sentiment rose and beat.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.89% and a 30-year rate of 4.53%. These rates are as of 9/17/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – NY Manufacturing
Tuesday – Housing Market Index
Wednesday – Mortgage Applications / Housing Starts / Building Permits
Thursday – Jobless Claims / Existing Home Sales / Leading Economic Indicators
Friday – No major data
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
September 17, 2018