AAM Weekly Market Wrap – December 27, 2021

Weekly Market Wrap: Stocks rose last week as positive economic data and easing concerns over the severity of the Omicron variant helped stocks move back to all-time highs.

For The Week

  • The S&P 500 gained 2.28% to 4,725.79
  • Oil jumped 4.34% to $73.79
  • Gold added 0.71% to $1,809.90
  • The US dollar slipped 0.64% at $96.00 other major world currencies.

2021 Year-To Date for the major indexes:

  • The S&P Index +25.82%
  • The Dow Jones Index +17.46%
  • The NASDAQ Index +21.45%
  • The Russell 2000 Small cap Index +13.51%
  • EAFE International Index +7.59%
  • 10 Year Treasury Yield is 1.50%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 1.91%, higher for the week and higher for the year
  • WTI Crude Oil Index +52.08%
  • Bloomberg Gold Index -4.77%
  • The Dollar Index +6.74% against other major world currencies

Monday the S&P 500 dropped 53 points on heavy volume as leading economic indicators rose and beat expectations.

Tuesday stocks rallied 81 points on heavy volume with no major data reported.

Wednesday the S&P 500 added 47 points on light volume as mortgage applications fell, consumer confidence rose and beat estimates, existing home sales rose but missed while 3rd quarter GDP final estimate came in higher than expected at 2.3%.

Thursday stocks gained 29 points on light volume as jobless claims were flat but beat estimates, continuing claims were lower, durable goods orders rose and beat, new home sales rose but missed expectations, PCE prices rose a little higher than expected, personal income rose but missed, personal spending rose and matched while consumer sentiment rose and beat expectations.

Friday the markets were closed.  I hope you all are having a great holiday season!

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.50% and a 30-year rate of 3.19%. These rates are as of 12/27/2021 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Shiller and FHFA Home Prices

Wednesday – Mortgage Applications / Pending Home Sales

Thursday – Jobless Claims

Friday – Midwest Manufacturing

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

December 27, 2021

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