Tech and foreign stocks led the way as the market rebounded from the prior week’s decline. The prospect of renewed trade talks between China and the United States eased investor concerns. Large caps outperformed small caps as both the Dow and S&P 500 outpaced the Russell 2000. Soft inflation data also helped drive investors to stocks while spurning long-term bonds as prices for 10-year Treasuries plummeted, pushing yields to 3.0%.
The price of crude oil (WTI) climbed for the first time in several weeks, closing at $68.98 per barrel, up from the prior week’s closing price of $67.84 per barrel. The price of gold (COMEX) continued to fall, dropping to $1,198.30 by early Friday evening, down from the prior week’s price of $1,201.80. The national average retail regular gasoline price fell to $2.833 per gallon on September 10, 2018, $0.009 higher than the prior week’s price and $0.148 more than a year ago.
Market/Index | 2017 Close | Prior Week | As of 9/14 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 24719.22 | 25916.54 | 26154.67 | 0.92% | 5.81% |
Nasdaq | 6903.39 | 7902.54 | 8010.04 | 1.36% | 16.03% |
S&P 500 | 2673.61 | 2871.68 | 2904.98 | 1.16% | 8.65% |
Russell 2000 | 1535.51 | 1713.18 | 1721.72 | 0.50% | 12.13% |
Global Dow | 3085.41 | 3029.59 | 3076.93 | 1.56% | -0.27% |
Fed. Funds target rate | 1.25%-1.50% | 1.75%-2.00% | 1.75%-2.00% | 0 bps | 50 bps |
10-year Treasuries | 2.41% | 2.94% | 3.00% | 6 bps | 59 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.
The housing sector is in the news next week with reports for August on housing starts and sales of existing homes.
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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