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Castlestone Weekly Market Update 8th February 2020
WEEKLY COMMENTARY – 02.08.2020
U.S. Equities
The Dow Jones Industrial average advanced 846.48 points, or 3%, to 29,102.51 last week, while the S&P 500 Index rose 3.2%, to 3327.71. The Nasdaq Composite gained 4%, to 9520.51, its biggest weekly gain since November 2018. All three hit record highs before profit taking hit the market on Friday. The concerns facing US Stocks remain the same with the exception of the Presidents Trump’s acquittal in his impeachment trial, so why do stock continue to advance? Investors have nowhere else to turn. Both Germany and China released weak economic numbers last week and the US economic data continues to show steady growth.
Treasuries
U.S. Treasury yields traded in line with stock last week, rallying to start the week and slumping on Friday. The 10-year Treasury yield climbed 5.7 basis points last week, the 2-year rose 7 basis points and the 30-year notched a 3 basis point advance.
Dollar
The Dollar moved steadily higher over the week.
Gold
As stocks rallied last week, gold saw some selling pressure. Gold prices were down 0.9% last week.
Crude Oil
Oil prices have dropped 20% since peaking at $63.27a barrel in January, as fears of a global economic slowdown brought on by the coronavirus continue to weight on crude prices.
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By CastlestoneWEEKLY COMMENTARY – 02.08.2020
U.S. Equities
The Dow Jones Industrial average advanced 846.48 points, or 3%, to 29,102.51 last week, while the S&P 500 Index rose 3.2%, to 3327.71. The Nasdaq Composite gained 4%, to 9520.51, its biggest weekly gain since November 2018. All three hit record highs before profit taking hit the market on Friday. The concerns facing US Stocks remain the same with the exception of the Presidents Trump’s acquittal in his impeachment trial, so why do stock continue to advance? Investors have nowhere else to turn. Both Germany and China released weak economic numbers last week and the US economic data continues to show steady growth.
Treasuries
U.S. Treasury yields traded in line with stock last week, rallying to start the week and slumping on Friday. The 10-year Treasury yield climbed 5.7 basis points last week, the 2-year rose 7 basis points and the 30-year notched a 3 basis point advance.
Dollar
The Dollar moved steadily higher over the week.
Gold
As stocks rallied last week, gold saw some selling pressure. Gold prices were down 0.9% last week.
Crude Oil
Oil prices have dropped 20% since peaking at $63.27a barrel in January, as fears of a global economic slowdown brought on by the coronavirus continue to weight on crude prices.