With last week’s loss, the Dow suffered its longest weekly losing streak since 2011. Trade tensions between the United States and China seem to be taking a toll on investors’ patience. Each of the benchmark indexes listed here also posted weekly losses. Money moved to bonds, pushing prices higher and yields lower. Tech stocks were particularly hard-hit last week, as were energy stocks. Year-to-date, each of the benchmarks are still comfortably ahead of their 2018 closing values, but the gap is narrowing for some indexes, particularly the Global Dow and the Dow, which are now less than 10% ahead of their respective year-end closing marks.
Oil prices fell last week, closing at $59.04 per barrel by late Friday, down from the prior week’s closing price of $62.71 per barrel. The price of gold (COMEX) jumped last week, closing at $1,284.20 by Friday evening, up from the prior week’s price of $1,277.40. The national average retail regular gasoline price was $2.852 per gallon on May 20, 2019, $0.014 lower than the prior week’s price and $0.071 less than a year ago.
Market/Index | 2018 Close | Prior Week | As of 5/24 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 23327.46 | 25764.00 | 25585.69 | -0.69% | 9.68% |
Nasdaq | 6635.28 | 7816.28 | 7637.01 | -2.29% | 15.10% |
S&P 500 | 2506.85 | 2859.53 | 2826.06 | -1.17% | 12.73% |
Russell 2000 | 1348.56 | 1535.76 | 1514.11 | -1.41% | 12.28% |
Global Dow | 2736.74 | 2977.45 | 2951.46 | -0.87% | 7.85% |
Fed. Funds target rate | 2.25%-2.50% | 2.25%-2.50% | 2.25%-2.50% | 0 bps | 0 bps |
10-year Treasuries | 2.68% | 2.46% | 2.37% | -9 bps | -31 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 second estimate of the first-quarter gross domestic product is available this week. The advance estimate, released last month, showed the economy grew at an annualized rate of 3.2%. It is expected that the latest estimate will closely mirror the initial report.
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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