Last Monday saw stocks advance following encouraging news in the development of yet another COVID-19 vaccine. The Russell 2000 climbed nearly 2.0%, followed by the Dow, the Global Dow, the S&P 500, and the Nasdaq. Treasury yields and crude oil prices surged, while the dollar was mixed. Among the market sectors, energy jumped higher, followed by industrials, financials, materials, and consumer discretionary. Health care, information technology, and real estate fell.
Cyclical stocks led the surge last Tuesday as the market pushed ahead for the second consecutive day. The Dow eclipsed 30,000 for the first time, and the S&P 500 hit a record. Among sectors, energy and financials soared, followed by materials, communication services, and industrials. Crude oil prices and Treasury yields climbed, while the dollar sank.
Cyclical and value stocks have been favored over mega-caps and tech stocks this month. Yet last Wednesday saw a reversal of that trend, but not enough to overcome a pre-holiday sell off. Of the indexes listed here, only the Nasdaq (0.5%) advanced. The Global Dow was essentially unchanged from the prior day, while the Dow (-0.6%), the Russell 2000 (-0.5%), and the S&P 500 (-0.2%) lost value. Crude oil prices continued to climb, while the dollar declined. Treasury yields were mixed.
Stocks continued to push higher the day after Thanksgiving. The Nasdaq added nearly 1.0%, followed by the Russell 2000, the Global Dow, the S&P 500, and the Dow. The yield on 10-year Treasuries fell, along with the dollar and crude oil prices. Among the major market sectors, health care, communication services, and technology gained, while energy and utilities fell.
Optimism over favorable vaccine reports provided encouragement for investors over the holiday-shortened week. Several of the benchmark indexes hit record highs last week, continuing an upward trend in the market. The Russell 2000 and the Global Dow added the most value by the end of the week, followed by the Nasdaq, the S&P 500, and the Dow. Each of the indexes listed here are now well above their 2019 year-end values, with the Nasdaq nearly 40.0% higher.
Crude oil prices continued to climb, closing at $45.53 per barrel by late Friday afternoon, up from the prior week’s price of $42.17 per barrel. The price of gold (COMEX) continued to slide last week, closing at $1,781.90, down from the prior week’s price of $1,869.40. The national average retail price for regular gasoline was $2.102 per gallon on November 23, $0.009 lower than the prior week’s price and $0.477 less than a year ago.
Market/Index | 2019 Close | Prior Week | As of 11/27 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 28,538.44 | 29,263.48 | 29,910.37 | 2.21% | 4.81% |
Nasdaq | 8,972.60 | 11,854.97 | 12,205.85 | 2.96% | 36.03% |
S&P 500 | 3,230.78 | 3,557.54 | 3,638.35 | 2.27% | 12.62% |
Russell 2000 | 1,668.47 | 1,785.34 | 1,855.27 | 3.92% | 11.20% |
Global Dow | 3,251.24 | 3,293.16 | 3,406.25 | 3.43% | 4.77% |
Fed. Funds target rate | 1.50%-1.75% | 0.00%-0.25% | 0.00%-0.25% | 0 bps | -150 bps |
10-year Treasuries | 1.91% | 0.82% | 0.84% | 2 bps | -107 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.
Employment data for November is out this week. October saw 638,000 new jobs added and the unemployment rate dip to 6.9%. However, with the uptick in COVID-19 cases last month, both figures may have reversed course in November with fewer new jobs created, possibly driving the unemployment rate higher.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: 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). 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. 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 largest, publicly traded 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. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indices listed are unmanaged and are not available for direct investment.
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