Investment Commentary –November 7th, 2017
Market Indices as of Market Close November 7th, 2017
Dow 23,557 (19.20% YTD)
S&P 2,589 (15.68% YTD)
NASDAQ 6,767 (25.72% YTD)
Global DOW 2,959 (17.98% YTD)
Gold $1,276 (9.51%)
OIL $57.23 (0.32%)
US 10Y Treasury 2.31 (-13.43%)
Barclay Bond Aggregate (3.49% YTD)
S&P 500 dips as Priceline, financials weigh
The S&P 500 dipped on Tuesday after a disappointing profit forecast from Priceline and a drop in financials, as investors also fretted that a Republican plan to cut corporate taxes could be watered down.
The Dow Jones Industrial Average rose 8.81 points, or 0.04 percent, to 23,557.23, the S&P 500 lost 0.56 points, or 0.02 percent, to 2,590.57 and the Nasdaq Composite dropped 18.65 points, or 0.27 percent, to 6,767.78.
News around the web:
U.K. rate hike
In the wake of recent economic gains, the United Kingdom’s central bank lifted short-term interest rates for the first time in more than a decade. The Bank of England’s board lifted its benchmark rate to 0.50% from 0.25%
The Fed on Wednesday left short-term interest rates unchanged, and its policy statement bolstered market expectations that the Fed is likely to lift rates in mid-December at its final policy meeting of 2017.
Republican majority leaders in the U.S. House of Representatives released details of their tax legislation on Thursday, and the market reaction was modest. Stocks rose, with the Dow gaining 81 points for the day, while prices of government bonds climbed, sending the yield of the 10-year U.S. Treasury bond down to 2.35%, its lowest level in two weeks
On tap this week:
Friday: Federal budget, U.S. Department of the Treasury
LEADERS & LAGGARDS
Leaders this week were Basic materials, Technology and Utilities. . Laggards were consumer goods and Financials.
This day in financial history November 7, 1918
Rumor Closes The Stock Exchange
On this day in 1918 Wall Street traders joyful of the news that a treaty had been signed ending World War I closed the New York Stock Exchange early. It was found out later that no treaty had been signed and they had closed down the stock market on a rumor. It took another week for the armistice to be signed, which drew an end to the war.
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.
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