Investment Commentary –March 28th, 2017

Market Indices as of Market Close March 28th, 2017
Dow 20,701 (4.75% YTD)
S&P 2,359 (5.37% YTD)
NASDAQ 5,875 (9.14% YTD)
Gold $1,244 (7.82%)
OIL $48.34
US 10Y Treasury 2.421 (-0.39%)
Barclay Bond Aggregate (0.89% YTD)

Closing Bell: Apple at Record High; Dow Snaps Eight-Session Losing Streak as Financials Rise
The Dow Jones Industrial Average snapped an eight-session losing streak today, its longest stretch of losses in six years. Energy and financials helped all benchmark indexes close out the day at session highs.

This past week’s leaders include services, financials and consumer goods.

Market moving headlines
TOUGH TUESDAY: Most of the U.S. stock market’s weekly decline came on Tuesday, as doubts arose about congressional approval of President Trump’s healthcare law and the impact that a potential defeat could have on prospects for tax cuts and increased infrastructure spending. The Dow tumbled 238 points, the index’s worst day since September 2016. Stocks of banks and industrial companies were among the hardest hit.

SHRINKING YIELD CURVE: The differential between the yields of 2-year and 10-year U.S. Treasury bonds is often used as an indicator of economic growth prospects, and lately it’s been pointing toward pessimism. On Wednesday, the differential was 1.14%, the smallest since the U.S. election last November.

SIX-TIME LOSER: The Dow’s 5-point slip on Thursday was the index’s sixth consecutive daily decline in a row, the longest losing streak since the November 2016 election.

THIS DAY IN FINANCIAL HISTORY: Patent Awarded For Washing Machine
On this day in 1797, Nathaniel Briggs was awarded a patent for his invention, the first washing machine.

On tap for the rest of the week:
Wednesday: Pending home sales, National Association of Realtors
Thursday: Fourth-quarter GDP, third estimate, U.S. Bureau of Economic Analysis
Friday: Thomson Reuters/University of Michigan Index of Consumer Sentiment; personal income and consumer spending, U.S. Bureau of Economic Analysis

The views presented are not intended to be relied on as a forecast, research or investment advice and are the opinions of the sources cited and are subject to change based on subsequent developments. They are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investments.