Click here for the Weekly Wrap by Briefing.com.
BOTTOM LINE: Overall, last week's market performance was positive considering the rise in energy prices, uninspiring earnings reports in the tech sector and 10th straight Fed rate hike. The advance/decline line fell slightly, sector performance was mixed and volume was slightly below average on the week. Measures of investor anxiety were higher. The AAII % Bulls fell again for the week and is now modestly below average levels. The average 30-year mortgage rate rose to 5.89%, but is still only 68 basis points above all-time lows set in June 2003 and below April 2005 highs of 6.04%. Moreover, the benchmark 10-year T-note yield fell 15 basis points on the week, which will send mortgage back down. Dollar weakness, as a result of some better economic data from Europe and Japan, again led to underperformance by US small-cap stocks. As well, technology shares underperformed as earnings reports from Dell and Cisco disappointed investors. Finally, crude oil hit another inflation-unadjusted record as worries over Iran intensified and some refinery glitches further spurred fears of a fourth quarter supply shortfall.
*5-day % Change
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