Last Friday’s strong jobs report provided the impetus for a strong finish to the week, as the indexes were able to recoup some of their early week losses. The small-cap Russell 2000 and the tech-heavy Nasdaq led the way, posting solid weekly gains. On the other hand, the large-cap Dow declined, as did the Global Dow. The broader S&P 500 managed to close last week ahead by about 0.50%. The week was full of mixed news for investors, starting with the potential for tariff wars between the United States and some of its long-standing trade partners. Investor uneasiness was also attributable to political drama in Italy and, to a lesser degree, Spain. In Italy, after much political wrangling, a coalition government took control, naming a political novice, Giuseppe Conte, as prime minister. Spain also ushered in a new government after removing Prime Minister Mariano Rajoy and replacing him with Pedro Sanchez.
The price of crude oil (WTI) fell again last week, closing at $65.72 per barrel, down from the prior week’s closing price of $67.50 per barrel. The price of gold (COMEX) fell to $1,298.00 by early Friday evening, down from the prior week’s price of $1,306.50. The national average retail regular gasoline price increased to $2.962 per gallon on May 28, 2018, $0.039 higher than the prior week’s price and $0.556 more than a year ago.
Market/Index | 2017 Close | Prior Week | As of 6/1 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 24719.22 | 24753.09 | 24635.21 | -0.48% | -0.34% |
Nasdaq | 6903.39 | 7433.85 | 7554.33 | 1.62% | 9.43% |
S&P 500 | 2673.61 | 2721.33 | 2734.62 | 0.49% | 2.28% |
Russell 2000 | 1535.51 | 1626.93 | 1647.98 | 1.29% | 7.32% |
Global Dow | 3085.41 | 3047.11 | 3025.69 | -0.70% | -1.94% |
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% | 2.92% | 2.90% | -2 bps | 49 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.
Market volatility is expected to continue as investors monitor ongoing geopolitical developments. Apparently, the summit with North Korea is back on for June 12 — at least for now. Otherwise, this week is relatively slow with respect to economic reports.
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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