Stocks posted a solid week of returns for the first time in several weeks, pulling all but one of the major benchmark indexes listed here into positive territory for the year to date. A strong labor report helped push stocks higher at the end of last week, while somewhat positive tweets from President Trump following discussions with Chinese president Xi also helped quell investors’ concerns over the ongoing tariff war. Small caps fared the best last week, led by the Russell 2000. Global stocks also reversed course as the Global Dow climbed over 3.0%. The Nasdaq, S&P 500, and the Dow each posted strong returns by last week’s end. Not surprisingly, long-term bond prices fell, driving yields higher.
The price of crude oil (WTI) fell notably last week, closing at $62.89 per barrel by late Friday, down from the prior week’s closing price of $67.69 per barrel. The price of gold (COMEX) lost value for the first time in several weeks, dropping to $1,234.50 by Friday evening, off from the prior week’s price of $1,236.10. The national average retail regular gasoline price was $2.811 per gallon on October 29, 2018, $0.030 lower than the prior week’s price but $0.323 higher than a year ago.
Market/Index | 2017 Close | Prior Week | As of 11/2 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 24719.22 | 24688.31 | 25270.83 | 2.36% | 2.23% |
Nasdaq | 6903.39 | 7167.21 | 7356.99 | 2.65% | 6.57% |
S&P 500 | 2673.61 | 2658.69 | 2723.06 | 2.42% | 1.85% |
Russell 2000 | 1535.51 | 1483.82 | 1547.98 | 4.32% | 0.81% |
Global Dow | 3085.41 | 2843.00 | 2930.66 | 3.08% | -5.02% |
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% | 3.07% | 3.21% | 14 bps | 80 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 Federal Open Market Committee meets this week. Speculation is that the Committee will maintain interest rates at their current level, although that is not a certainty.
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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