|Weekly and Year-To-Date Performance|
|INDEX||12/31/2018||04/12/2019||04/18/2019||% Change Week||% Change YTD|
|Dow Jones Industrial Average||23,327.46||26,412.30||26,559.54||0.56%||13.86%|
|Russell Mid-Cap Index||1,857.30||2,227.01||2,205.77||-0.95%||18.76%|
|Russell Small-Cap Index||1,348.56||1,584.43||1,565.59||-1.21%||16.09%|
April 18th, 2019
Dear Friends –
The equity markets closed out the shortened trading week ahead of the Easter holiday with mixed results. For the week the Dow Jones Industrials and the Nasdaq gained 0.56% and 0.21%, while the S&P 500 fell 0.08%. The Russell Mid-Cap and Small-Cap indexes fell 0.95% and 1.2%. The MSCI EAFE index closed up 0.35%.
Stocks opened the week Monday with modest losses following some mixed earnings reports. Shares of Goldman Sachs fell 3.8% weighing heavily on the Dow after the company announced it earnings. The numbers were a mixed bag with earnings beating estimates but revenues falling short. Citigroup followed suit with better-than-expected earnings and light revenues. Shares of Citigroup closed down just 0.06%. Consumer staples led on the upside with a gain of 0.69%. Financials led the declines falling 0.62%. The Dow closed down 28 points or 0.1%, at 26,385. The S&P and the Nasdaq were off 0.06% and 0.1%. The benchmark 10-year Treasury note opened the week unchanged yielding 2.556%. Crude oil prices ticked higher to close at $63.53 per barrel.
The markets closed higher Tuesday as the earnings results continued to roll in. Shares of Boeing gained 1.7% to lead the Dow higher following some positive news from the FAA on company’s fix for the 737 Max. Fellow Dow component Johnson & Johnson reported better-than-expected results on rising revenues from drug sales. Shares of the company gained 1.1%. Blackrock and Bank of America also came in with results that beat estimates to round out the day’s earnings news. Shares of the two companies finished up 3% and 0.13%. The Dow closed up 68 points to 0.26%, at 26,453. The S&P and the Nasdaq added 0.05% and 0.3%. Crude prices closed up 1.5% to settle at $64.34 per barrel.
Stocks finished with little change overall Wednesday as weakness in healthcare offset gains in technology and consumer related areas. The healthcare sector closed down 2.89% as shares of UnitedHealth fell 1.9%. Biotech was off 3.9% as shares of Abbott and Baxter fell 4.58% and 4.16%. The technology sector led the S&P with a gain of 0.58% as shares of Apple, Microsoft and Alphabet added 1.95%, 0.83% and 0.75%. Positive earnings reports from Pepsi and Morgan Stanley highlighted the days earnings. Shares of the companies finished the day up 2.64% and 3.76%. In other news a report out of China said the nation’s economy grew at a faster-than-expected pace in the first quarter coming in at 6.4%. Several analysts raised their full-year projections for the Chinese economy following the news. The Dow finished down 3 points or 0.01%, at 26,450. The S&P and the Nasdaq were off 0.23%, and 0.05%. The benchmark 10-year Treasury note fell about one basis point to close yielding 2.58%.
The markets closed out the holiday-shortened trading week mostly higher Thursday. The Dow and the S&P closed up while the Nasdaq closed nearly unchanged on weakness in technology. The blue-chip Dow was led by a rebound in shares of UnitedHealth which bounced back from Wednesday’s declines to close up 2.26%. Travelers followed closely behind with a gain of 2.25% after the company posted better-than-expected earnings results. Industrials and real estate led on the upside with gains of 1.11% and 0.75%, while energy and financials led on the downside falling 0.53% and 0.24%. The Dow closed up 110 points or 0.42%, at 26,560. The S&P and the Nasdaq added 0.16% and 0.02%. The 10-year Treasury note closed down two basis points yielding 2.56%. Crude oil prices rose 0.4% to settle at $64.01 per barrel.