Boosted by higher oil shares and rebounding tech stocks, the benchmark indexes listed here advanced markedly for the first time in several weeks. Gains were enough to push each of the indexes into the black year-to-date, led by the Nasdaq and the Russell 2000. By last week’s end, each of the indexes posted gains exceeding 2.0%. Not since the week ended April 13 have the indexes listed here posted gains exceeding 1.0%. Investors also may have taken comfort in the presumption that inflation isn’t heading skyward based on the modest increase in the Consumer Price Index. Soft prices may preclude, at least temporarily, the Federal Reserve from increasing interest rates.
The price of crude oil (WTI) continued to surge last week closing at $70.58 per barrel, up from the prior week’s closing price of $68.26 per barrel. The price of gold (COMEX) jumped to $1,319.50 by early Friday evening, up from the prior week’s price of $1,316.70. The national average retail regular gasoline price decreased to $2.845 per gallon on May 7, 2018, $0.001 lower than the prior week’s price but $0.473 more than a year ago.
Market/Index | 2017 Close | Prior Week | As of 5/11 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 24719.22 | 24262.51 | 24831.17 | 2.34% | 0.45% |
Nasdaq | 6903.39 | 7209.62 | 7402.88 | 2.68% | 7.24% |
S&P 500 | 2673.61 | 2663.42 | 2727.72 | 2.41% | 2.02% |
Russell 2000 | 1535.51 | 1565.60 | 1606.79 | 2.63% | 4.64% |
Global Dow | 3085.41 | 3044.54 | 3108.41 | 2.10% | 0.75% |
Fed. Funds target rate | 1.25%-1.50% | 1.50%-1.75% | 1.50%-1.75% | 0 bps | 25 bps |
10-year Treasuries | 2.41% | 2.95% | 2.96% | 1 bps | 55 bps |
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
If the recent purchasing managers’ survey responses are any indication, this week’s Federal Reserve report on industrial production should be encouraging. The latest figures on new residential construction for April are also out this week. Building permits and housing starts were strong in March, but bad weather throughout the country slowed housing completions. April’s report should show a more favorable rate of new home completions.
Data sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market data: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.
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