AAM Weekly Market Wrap – August 24, 2020

Weekly Market Wrap: Stocks rose for the seventh week in the last eight as retail earnings and housing data pushed stocks higher.

For The Week

  • The S&P 500 added 0.72% to 3,397.16
  • Oil gained 0.79% to $42.34
  • Gold slipped 0.22% to $1,938.86
  • The US dollar rose 0.11% at $93.23 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +5.15%
  • The Dow Jones Index -2.13%
  • The NASDAQ Index +26.07%
  • The Russell 2000 Small cap Index -6.95%
  • EAFE International Index -7.23%
  • 10 Year Treasury Yield is 0.63%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.35%, lower for the week and lower for the year
  • WTI Crude Oil Index -30.66%
  • Bloomberg Gold Index +27.72%
  • The Dollar Index -3.39% against other major world currencies

Monday the S&P 500 rose 9 points on moderate as NY manufacturing fell and missed badly but still expanded while homebuilder sentiment rose and beat expectations.

Tuesday stocks added 8 points on moderate volume as both building permits and housing starts rose and beat expectations.

Wednesday the S&P 500 fell 15 points on moderate volume as mortgage applications fell and the FOMC head rates steady.

Thursday stocks gained 11 points on moderate volume as jobless claims rose more than expected, continuing claims continued to fall and leading indicators rose and beat estimates.

Friday the markets gained 12 points on moderate volume as existing home sales rose and beat expectations.

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 3.02%. These rates are as of 08/24/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Consumer Confidence / New Home Sales / FHFA and Shiller Home Prices

Wednesday – Mortgage Applications / Durable Goods Orders

Thursday – Jobless Claims / Pending Home Sales / GDP 2nd Quart 2nd Estimate

Friday – Consumer Sentiment / Personal Income and Spending / PCE Prices

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

August 24, 2020                              

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