AAM Weekly Market Wrap – May 18, 2015

Weekly Market Wrap: Stocks continued higher for the second week in a row despite disappointing April retail sales and manufacturing data.

 

For The Week

  • The S&P 500 gained 0.31% to 2,122.73
  • Oil added 0.51% to $59.69
  • Gold gained 3.09% to $1,224.98
  • The US Dollar fell 1.61% at $93.25 against other major world currencies.

 

2015 Year-To Date for the major indexes:

 

  • The S&P Index +3.10%
  • The Dow Jones Index +2.52%
  • The NASDAQ Index +6.59%
  • The Russell 2000 Small cap Index +3.26%
  • EAFE International Index +12.46%
  • 10 Year Treasury Yield is 2.17%, higher for the week and flat for the year
  • 30 Year Treasury Yield is 2.96%, higher for the week and higher for the year
  • WTI Crude Oil Index +12.05%
  • Bloomberg Gold Index +3.55%
  • The Dollar Index +3.29% against other major world currencies

 

SandPweek

 

Monday the S&P 500 index fell 11 points on moderate volume as China cut interest rates for the 3rd time in 6 months.

Tuesday the index dropped 6 points on moderate volume as Greece uncertainty continued, global bond yields rose, energy sector stocks gained with a rise in oil prices and small business optimism rose and beat expectations.

Wednesday the index slipped 1 point on moderate volume as April retail sales missed estimates, mortgage applications and import and export prices fell.

Thursday the S&P index jumped 23 points on moderate volume as weekly jobless claims fell and beat expectations, producer prices and consumer comfort both also fell.

Friday the markets added 4 points on moderate volume as industrial production slowed, NY manufacturing and consumer confidence both missed expectations.

 

Takeaways from this week:

  • Interest rates held on to gains for the week.
  • US data was mostly disappointing including misses in retail sales and manufacturing.
  • Global stocks continued higher.

 

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.14% and a 30-year rate of 3.97%. These rates are as of 05/18/2015 and may include points.

 

What to watch for on the economic calendar this week:


Monday –Housing Market Index

Tuesday – Housing Starts

Wednesday –Mortgage applications / FOMC Minutes Released

Thursday – Jobless Claims / PMI Manufacturing / Existing Home Sales

Friday – Consumer Prices

 

 

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

May 18, 2015