Stocks rebounded last week, posting their best gains since February. The S&P 500 climbed 4.85% last week, a percentage jump not reached since the end of 2011. Overall, the large-cap indexes and the tech-heavy Nasdaq outperformed the small caps of the Russell 2000, which rebounded nicely, nevertheless. As has been the case for most of the year, foreign trade made headlines early last week as President Trump threatened to impose further sanctions on China in advance of the Group of 20 summit. However, more positive rhetoric from both the White House and China at the end of the week may have quelled worries of an all-out trade war, at least for the time being. Comments from Federal Reserve Chairman Jerome Powell last week implied that the Fed may be rethinking the timing of further interest rate hikes, although another quarter-of-a-point bump in December is still a strong possibility.
Oil prices stabilized following several weeks of losses, ending last week at about $50.72 per barrel by late Friday, up from the prior week’s closing price of $50.39 per barrel. The price of gold (COMEX) gained for the third week in a row, climbing to $1,227.80 by Friday evening, up from the prior week’s price of $1,223.40. The national average retail regular gasoline price was $2.539 per gallon on November 26, 2018, $0.072 lower than the prior week’s price but $0.006 higher than a year ago.
Market/Index | 2017 Close | Prior Week | As of 11/30 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 24719.22 | 24285.95 | 25538.46 | 5.16% | 3.31% |
Nasdaq | 6903.39 | 6938.98 | 7330.54 | 5.64% | 6.19% |
S&P 500 | 2673.61 | 2632.56 | 2760.17 | 4.85% | 3.24% |
Russell 2000 | 1535.51 | 1488.68 | 1533.27 | 3.00% | -0.15% |
Global Dow | 3085.41 | 2852.37 | 2936.77 | 2.96% | -4.82% |
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% | 3.03% | 2.99% | -4 bps | 58 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.
Investors are hoping a favorable employment report this week will favorably influence the stock market.
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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