Apr 302016
 

Our webhosting service suffered a catastrophic failure of multiple drives on Thursday afternoon and service was only restored within the past hour. As a result, this site has been down since Thursday and email was also impacted. Everything seems to be back online now and no data appears to have been lost.

Market Conditions

Stocks suffered a downbeat week due largely to missed earnings estimates by Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT), Chevron (CVX), Gilead Sciences (GILD) and poor economic data. On Wednesday, the Federal Reserve left interest rates unchanged citing the slowdown in the economy along with a drop in household spending and exports. Thursday’s Gross Domestic Product numbers were weak with the first quarter GDP advancing only 0.5% (0.7% estimate), marking the slowest quarter since Q1 2014. But the major catalyst contributing to the market volatility was the surprise decision by the Bank of Japan against further stimulus. The S&P 500 opened Monday at 2089.37 and closed on Friday at 2065.3, down 24.07 or 1.15%.

Chart_043016_SPX

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Apr 232016
 

Market Conditions

The S&P 500 closed above 2100 on Tuesday and Wednesday of this week – the first time since December 1, 2015. However, there was not enough momentum to push the index to an all-time high. Global equities were propelled higher this week by energy and commodity-sensitive companies.

Investors continued to receive first-quarter earnings this week and the results were mixed relative to lowered expectations. Disappointing results from Alphabet (GOOG) and Microsoft (MSFT) kept the Nasdaq behind the S&P 500 while economically-sensitive rail carriers like Union Pacific (UNP) and Norfolk Southern (NSC) exceeded market expectations.

The S&P 500 opened Monday at 2078.83 and closed on Friday at 2091.58, up 12.75 or 0.61%.

Chart_042216_SPX

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Apr 162016
 

Equities showed strength over the past week with the S&P 500 climbing to new highs for 2016. However, the weekly market performance continues to be choppy as indicated by five weeks in a row of alternating positive and negative performance.

The past week kicked off the start of earnings season for the first quarter. While only about five percent of S&P 500 corporations have reported, early results have been solid. Of the 24 companies that reported so far, 79% reported earnings that exceeded expectations versus 21% reporting earnings that fell below expectations. The S&P 500 opened Monday at 2050.23 and closed on Friday at 2080.73, up 30.50 or 1.49%.

Chart_041616_SPX

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Apr 092016
 

Major benchmark indices logged their worst weekly loss since February 5 amid global growth concerns. Two weeks ago, the stock market was propelled to its sixth gain in seven weeks by dovish remarks from Fed Chair Janet Yellen. However, this past week, equities were unable to build on their recent strength and the S&P 500 gave back most of the prior week’s gains. The stock market hit its lowest level of the week on Thursday as uncertainty over the global economy led investors towards safe havens.  The S&P 500 opened Monday at 2073.19 and closed on Friday at 2047.6, down 25.59 or 1.23%.

Chart_040816_SPX

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Apr 022016
 

Major indexes were higher on the week led by the technology sector. Most of the gains occurred mid-week after Federal Reserve Chair, Janet Yellen, commented that the Fed will raise rates at a slow pace. On Friday, the Non-Farm Payrolls report indicated that the economy added 215,000 jobs in March, in line with expectations for a gain of 205,000, according to Bloomberg. The unemployment rate rose slightly to 5.0% from 4.9% as more workers returned to the workforce. The S&P 500 opened Monday at 2037.89 and closed on Friday at 2072.78, up 34.89 or 1.71%. Friday’s close marks the highest close for the S&P 500 in 2016.

Chart_0402_SPX

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