Weekly Market Wrap: Stocks rose for the first time in the last four weeks as positive earnings news offset concerns over the slowing economy, inflation, and Fed rate hikes.
For The Week
- The S&P 500 rallied 3.65% to 4,067.36
- Oil slipped 0.09% to $86.79
- Gold gained 0.40% to $1,727.30
- The US dollar lost 0.67% at $108.97 against other major world currencies.
2022 Year-To Date for the major indexes:
- The S&P Index -14.66%
- The Dow Jones Index -11.52%
- The NASDAQ Index -22.58%
- The Russell 2000 Small Cap Index -16.14%
- EAFE International Index -20.64%
- 10 Year Treasury Yield is 3.33%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.46%, lower for the week and higher for the year
- WTI Crude Oil Index +15.40%
- Bloomberg Gold Index -5.68%
- The Dollar Index +14.00% against other major world currencies
Monday the markets were closed.
Tuesday stocks fell 16 points on moderate volume as ISM Non-manufacturing rose an beat expectations.
Wednesday the S&P 500 rallied 72 points on moderate volume as mortgage applications fell.
Thursday stocks gained 26 points on moderate volume as jobless claims fell more than expected, continuing claims were higher and consumer credit use fell.
Friday the S&P 500 added 61 points on moderate volume with no major data reported.
Mortgage rates continued higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.33% and a 30-year rate of 6.08%. These rates are as of 9/11/2022 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Consumer Prices / Small Business Optimism
Wednesday – Mortgage Applications / Producer Prices
Thursday – Jobless Claims / NY Manufacturing / Capacity Utilization / Industrial Production / Import & Export Prices / Retail Sales
Friday – Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
September 11, 2022
economic indicators, economic news, Economy, Financial Adviser Grand Rapids, Financial Advisor Grand Rapids, Financial Planner Grand Rapids, Interest Rates, investments, mortgage rates, Personal Financial Planning, Stock Market