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Market Summaries: Keep Up-to-date with the Latest Market Information | Wescom Financial Services

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Market Summaries

Market Month: May 2019

Quarterly Market Review: January-March 2019

Annual Market Review 2018

Market Week: June 24, 2019

The Markets (as of market close June 21, 2019)

Stocks enjoyed another week of strong growth as investors were encouraged by the Fed's decision to keep interest rates unchanged and hope for a resolution to the ongoing trade war between the United States and China. Each of the benchmark indexes listed here posted solid gains last week, led by the Nasdaq and the Global Dow. During the week, the S&P 500 reached a record high, as did the Dow — this despite growing tensions between the United States and Iran. For the year, the Nasdaq is firmly ahead of its 2018 closing value, while the S&P 500 is approaching a gain of 20% for 2019.

Oil prices rose to $57.60 per barrel by late Friday afternoon, up from the prior week's price of $52.51. On news that interest rates might be in line for a reduction, the price of gold (COMEX) spiked last week, climbing to $1,402.70 by late Friday afternoon, up from the prior week's price of $1,344.80. The national average retail regular gasoline price was $2.670 per gallon on June 17, 2019, $0.062 lower than the prior week's price and $0.209 less than a year ago.

Market/Index2018 ClosePrior WeekAs of 6/21Weekly ChangeYTD Change
DJIA23327.4626089.6126719.13 2.41% 14.54%
Nasdaq6635.287796.668031.713.01% 21.05%
S&P 5002506.852886.982950.462.20% 17.70%
Russell 20001348.561522.501549.631.78% 14.91%
Global Dow2736.742998.793081.622.76% 12.60%
Fed. Funds target rate2.25%-2.50%2.25%-2.50%2.25%-2.50%0 bps0 bps
10-year Treasuries2.68%2.09%2.06% -3 bps-62 bps

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week's Economic Headlines

  • Once again, the Federal Open Market Committee decided to maintain the federal funds rate at its current range of 2.25%-2.50%. Interestingly, one member of the voting Committee, St. Louis Fed President James Bullard, dissented in favor of lowering the target range for the federal funds rate by 25 basis points. The Committee noted that job gains have been solid, the unemployment rate has remained low, and household spending has picked up from earlier in the year. However, business fixed investment has been soft and inflation is running below the Committee's 2% target rate.

Eye on the Week Ahead

The May figures on new home sales are available this week. Prices are rising and sales have been picking up. Also out this week are the final figures on the gross domestic product for the first quarter. The second iteration of the report showed the economy grew at an annualized rate of 3.1%.

Data sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market data: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/ Market Data (oil spot price, WTI Cushing, OK); (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

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