Another tough week on Wall Street as stocks and long-term bond prices fell, pushing yields higher. While each of the benchmark indexes listed here lost value last week, the large caps of the Dow and S&P 500 held up better than the tech stocks of the Nasdaq and the small-cap Russell 2000. With the continuing rise in oil prices, energy stocks and utilities fared well as did financial shares, which benefitted from a spike in interest long-term rates. On the other hand, tech stocks fell, dropping the Nasdaq to its worst week since early spring. Economic news continues to be somewhat encouraging, making another Fed interest rate hike likely. Speaking of interest rates, they’ve been on the rise, pushing long-term bond prices lower and yields higher.
The price of crude oil (WTI) continued to surge, closing at $74.29 per barrel by late Friday, up from the prior week’s closing price of $73.53 per barrel. The price of gold (COMEX) rose, closing at $1,206.70 by early Friday evening, up from the prior week’s price of $1,195.20. The national average retail regular gasoline price was $2.866 per gallon on October 1, 2018, $0.022 higher than the prior week’s price and $0.301 more than a year ago.
Market/Index | 2017 Close | Prior Week | As of 10/5 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 24719.22 | 26458.31 | 26447.05 | -0.04% | 6.99% |
Nasdaq | 6903.39 | 8046.35 | 7788.45 | -3.21% | 12.82% |
S&P 500 | 2673.61 | 2913.98 | 2885.57 | -0.97% | 7.93% |
Russell 2000 | 1535.51 | 1696.57 | 1632.11 | -3.80% | 6.29% |
Global Dow | 3085.41 | 3121.54 | 3076.99 | -1.43% | -0.27% |
Fed. Funds target rate | 1.25%-1.50% | 2.00%-2.25% | 2.00%-2.25% | 0 bps | 75 bps |
10-year Treasuries | 2.41% | 3.06% | 3.23% | 17 bps | 82 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.
While consumer spending has risen, price inflation has been slow. Out this week are both the Producer Price Index and the Consumer Price Index for September, which are expected to show only marginal price increases.
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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