Weekly Market Wrap: Stocks continued higher last week as trade worries eased, interest rates rose and economic data remained mostly positive.
For The Week
- The S&P 500 gained 0.85% to 2,929.67
- Oil jumped 2.59% to $70.78
- Gold rose 0.40% to $1,198.98
- The US dollar fell 0.75% at $94.21 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +9.58%
- The Dow Jones Index +8.19%
- The NASDAQ Index +15.70%
- The Russell 2000 Small cap Index +11.57%
- EAFE International Index -2.39%
- 10 Year Treasury Yield is 3.07%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.21%, higher for the week and higher for the year
- WTI Crude Oil Index +17.67%
- Bloomberg Gold Index -8.01%
- The Dollar Index +2.10% against other major world currencies
Monday the S&P 500 index dropped 16 points on moderate volume as NY manufacturing fell and missed estimates.
Tuesday stocks rebounded 16 points on moderate volume as the housing market index was flat but beat expectations.
Wednesday the market added 4 points on moderate volume as mortgage applications rose housing starts rose and beat estimates while building permits fell and missed expectations.
Thursday the S&P 500 jumped 23 points on moderate volume as jobless claims fell more than expected, existing home sales were flat and missed estimates while leading indicators rose a little less than expected.
Friday stocks slipped 1 point on heavy volume with no major data released.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.97% and a 30-year rate of 4.66%. These rates are as of 9/24/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Consumer Confidence / Shiller Home Prices / FHFA Home Prices
Wednesday – Mortgage Applications / New Home Sales / FOMC Rate Decision
Thursday – Jobless Claims / Durable Goods Orders / GDP 2Q Final / Pending Home Sales
Friday – PCE Prices / Personal Income and Spending / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
September 24, 2018