Investment Commentary – October 17th, 2017
Market Indices as of Market Close October 17th, 2017
Dow 22,997 (16.37% YTD)
S&P 2,559 (14.32% YTD)
NASDAQ 6,623 (23.05% YTD)
Global DOW 2,955 (16.91% YTD)
Gold $1,287 (10.44%)
OIL $52.00 (-8.85%)
US 10Y Treasury 2.29 (-14.61%)
Barclay Bond Aggregate (3.35% YTD)
Wall St. ends little changed; Dow brushes 23K milestone
NEW YORK (Reuters) – The Dow Jones Industrial Average briefly ticked above the 23,000 point mark for the first time on Tuesday, driven by strong earnings from UnitedHealth and Johnson & Johnson, though it finished the session just below that level.
The Dow Jones Industrial Average .DJI rose 40.48 points, or 0.18 percent, to 22,997.44, the S&P 500 .SPX gained 1.72 points, or 0.07 percent, to 2,559.36 and the Nasdaq Composite .IXIC dropped 0.35 points, or 0.01 percent, to 6,623.66.
News around the web
Crude oil prices climbed back above $50 per barrel after slipping below that threshold the previous week. The biggest daily gain came on Tuesday, when Saudi Arabia announced plans to cut oil exports. Prices remain down year to date, as crude was priced around $56 per barrel at the start of 2017.
Euro rates outlook
The head of the European Central Bank defended his intention to keep the Eurozone’s interest rates ultralow. Mario Draghi made the pledge despite recent pressure from German officials, who want a speedier exit from the central bank’s accommodative monetary policies.
U.S. consumer prices rose 0.5% in September, the biggest monthly gain in eight months. However, some of the increase was attributed to higher gasoline prices in the wake of hurricane-related disruptions at oil refineries, and underlying inflation remained muted.
On tap this week
Friday: Existing home sales, National Association of Realtors
LEADERS & LAGGARDS
Leaders this past week included Technology, Consumer Goods and Utilities. Laggards included Financials and Services.
Financial Definition: Stock Market Correction
A correction is a reverse movement, usually negative, of at least 10% in a stock, bond, commodity or index to adjust for an overvaluation. Corrections are generally temporary price declines interrupting an uptrend in the market or an asset.
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.
Leave A Comment