MARKET STATISTICS
Weekly and Year-To-Date Performance
INDEX 12/31/2017 04/13/2018 04/20/2018 % Change Week % Change YTD
 Dow Jones Industrial Average 24,719.22 24,360.14 24,462.94 0.42% -1.04%
 S&P 500 2,673.61 2,656.30  2,670.14 0.52% -0.13%
 Nasdaq Composite 6,909.61  7,105.79  7,138.11 0.45%  3.31%
 Russell Mid-Cap Index 2,081.59 2,056.01  2,071.79  0.77%  -0.47%
 Russell Small-Cap Index  1,539.15 1,549.94  1,562.70  0.82%  1.53%

 

April 20th, 2018

Dear Friends,

The equity markets finished the week with modest gains despite losing ground heading into the weekend on weakness in technology. For the week the Dow Jones Industrials, S&P 500 and the Nasdaq added 0.42%, 0.52% and 0.45% respectively.  The Russell Mid-Cap, Small-Cap and MSCI EAFE indexes were up 0.77%, 0.82% and 0.37% respectively.

Stocks opened the week with an encouraging round of gains Monday. Optimism over earnings drove much of the advance with the technology and healthcare sectors leading the way.  The day’s earnings reports included better-than-expected reports from Bank of America, Netflix and JB Hunt.  Shares of United Health climbed 2.7% ahead of its earnings call to lead the healthcare sector to a gain of 0.8%.  The Dow closed up 213 points or 0.87%, at 24,573.  The S&P and the Nasdaq added 0.81% and 0.7%.

The markets moved higher again Tuesday led by gains in the technology and consumer discretionary sectors.  The technology sector added 1.86% as shares of Amazon, Alphabet, Facebook and Microsoft gained 4.3%, 3.49%, 2.32% and 2.02%.  Shares of UnitedHealth continued to rise closing up 3.57% following their earnings report.  Falling inventory levels pushed crude oil prices higher by 0.5% to $66.85 per barrel.  The energy sector closed with a gain of 0.48%.  The Dow closed up 214 points or 0.87%, at 24,787.  The S&P and the Nasdaq added 1.07% and 1.74%.

Stocks finished nearly unchanged Wednesday in a relatively tame trading session. Crude oil prices rose yet again climbing nearly 3% to reach a new three-year high after reports showed inventory levels dropping.  The energy sector closed up 1.6%.  Earnings beats from railroad operator CSX and United Continental stood out on the upside while a disappointing report from IBM weighed on the Dow and technology sector.  The Dow finished down 39 points or 0.16%, at 24,748.  The S&P and the Nasdaq added 0.08% and 0.19%.

The markets closed lower Thursday on weakness in tech sector and rising yields. Shares of Apple fell 2.8% following a report that alluded to falling smartphone demand.  The tech sector overall was off 1.1% as shares of Qualcomm and Intel also fell 4.82% and 2.59%.  The banks were among the few winners on the day with the sector adding 1.53% on rising bond yields.  Shares of Bank of America, JPMorgan and Citigroup climbed 2.2%, 2.2% and 1.88%.  The benchmark 10-year Treasury note closed up five basis points yielding 2.914%.  The Dow closed down 83 points or 0.34%, at 24,664.  The S&P and the Nasdaq were off 0.57% and 0.78%.

Stocks moved lower heading into the weekend Friday as the technology sector continued to lag. Shares of Apple closed down 4.1%, while Amazon, Alphabet and Microsoft were off 1.9%, 1.36% and 1.15%.  The sector closed down 1.4%.  Rising interest rates also contributed to the selling as yields on the 10-year Treasury note rose 4.6 basis points to finish yielding 2.96%.  Financials again were among the least affected with the sector closing up 0.05%.  Crude price rose nine cents to close at $68.38 reaching a new three-year high.  The Dow finished down 202 points or 0.82%, at 24,463.  The S&P and the Nasdaq were off 0.85% and 1.39%.

-Sonata