|Weekly and Year-To-Date Performance|
|INDEX||12/31/2019||01/03/2020||01/10/2020||% Change Week||% Change YTD|
|Dow Jones Industrial Average||28,538.44||28,634.88||28,823.77||0.66%||1.00%|
|Russell Mid-Cap Index||2,381.81||2,382.04||2,392.94||0.46%||0.47%|
|Russell Small-Cap Index||1,668.46||1,662.04||1,657.51||-0.27%||-0.66%|
January 10th, 2020
Dear Friends –
The equity markets finished the week mixed but mostly higher as easing tensions in the Middle East helped lift stocks. For the week the Dow, S&P 500 and the Nasdaq gained 0.66%, 0.94% and 1.59% respectively. The Russell Mid-Cap and MSCI EAFE indexes added 0.46% and 0.26%. The Russell Small-Cap index 0.27%.
Stocks opened the week Monday with modest gains in a session that saw the major indexes recover from early losses on continued concerns over the rising tensions in the Middle East. The Dow fell as much as 210 points early in the session as oil and golf prices rose, but reversed course to close higher on the day as buyers stepped in. Tech led the gains with the communications services sector added 1.22% as shares of Alphabet rose 2.5%. Elsewhere shares of Salesforce, Netflix, Amazon and Apple rose 4.4%, 3.05%, 1.5% and 0.8%. The Dow closed up 69 points or 0.24%, at 28,703. The S&P and the Nasdaq added 0.35% and 0.56%. The benchmark 10-year Treasury note added just over two basis points to close yielding 1.811%. Crude prices erased early gains to close down 0.35%, at $62.83 per barrel.
The markets turned lower Tuesday as the U.S.-Iran tensions continued to weigh on investors. All 11 sectors of the S&P closed lower led by real estate and consumer staples with declines of 1.19% and 0.73%. In economic news the U.S. trade deficit shrunk to the lowest mark in the Trump Administration in November coming in at $43.1 billion. Elsewhere the services sector expanded more-than-expected and the ISM non-manufacturing index came in above estimates. The Dow closed down 120 points or 0.42%, at 28,584. The S&P and the Nasdaq were off 0.28% and 0.03%. Treasury yields ticked higher on the economic news with the 10-year closing up one basis point yielding 1.82%. Crude prices fell 1% to ease back from recent highs.
Stocks moved higher Wednesday as tensions in the Gulf seemed to have eased at least for the time being. Crude prices fell almost 5% on the news and the energy sector was the only sector to finish lower falling 1.74%. Technology and communications services led the S&P gaining 1.03% and 0.68%. The Dow had gained nearly 300 points at the highs of the session but fell well off those levels on reports of explosions in Baghdad late in the session. The Dow closed up 161 points or 0.56%, at 28,745. The S&P and the Nasdaq added 0.49% and 0.67%. The 10-year Treasury note closed up five basis points yielding 1.874%.
The markets finished with solid gains again Thursday to reach new highs. Shares of Apple rose 2% to hit an all-time high after a new report said iPhone sales in China climbed 18% last month. In economic news weekly jobless claims fell more-than-expected last week which raised expectations ahead of the December jobs report due out on Friday. Elsewhere shares of Goldman Sachs and Advanced Micro Devices rose 2% and 2.4% following analyst upgrades. The Dow closed up 212 points or 0.74%, at 28,957. The S&P and the Nasdaq added 0.67% and 0.81%.
Stocks turned lower Friday in an up and down session that saw the Dow climb through the 29,000 mark for the first time early in the day. The December jobs report came in lighter-than-expected with the economy adding 145,000 new jobs, short of the 160,000 consensus estimates. The internals of the report also disappointed as wages grew by just 2.9% year-over-year, versus expectations of 3.1%. Financials and industrials led the S&P on the downside with losses of 0.78% and 0.72%. Real estate and utilities finished with gains of 0.95% and 0.24%. The Dow closed down 133 points or 0.46%, at 28,834. The S&P and the Nasdaq were off 0.29% and 0.4%. The benchmark 10-year Treasury note was off nearly four basis points at 1.82%. Crude oil prices continued to slide settling down 0.76% at $59.11 per barrel.