Weekly Market Commentary

Market Recap for the week ending 1/11/19

-Darren Leavitt, CFA

Constructive rhetoric from US/ China trade negotiations along with more dovish iterations from Fed officials helped markets continue their rally last week. The S&P 500 gained 2.5% for the week while the Dow, NASDAQ, and Russell finished the week with gains of 2.4%, 3.5%, and 4.8%, respectively.  The S&P 500 is up over 10% from its Christmas Eve low and in my opinion appears to be a bit over-bought here.  Treasury yields inched higher last week.  The 2-year yield added 7 basis points and closed at 2.55%.  The 10-year added 4 basis points and closed at 2.70%.  Oil traded above $50 a barrel, up for eight sessions in a row before giving some back on Friday.  Gold finished the week slightly higher at $1289 an oz.  Earnings kick off in earnest next week with a number of large banks set to announce their 4th quarter results.  There were no changes to our models last week.

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