Winthrop Partners Market and Economic Outlook 12-13-21

The Markets (as of market close December 10, 2021)
Stocks closed last week higher for the first time in three weeks. The S&P 500 enjoyed its best weekly gain since February. Fears over the effects of the Omicron variant on economic growth seemed to subside somewhat as each of the benchmark indexes recorded notable gains. Information technology drove much of the rally, advancing 6.0% last week. Markets also seemed to react to favorable economic news. Weekly unemployment claims were the lowest since 1969, while the number of new jobs available rose to 11.0 million. Inflation rose again, but in line with expectations, reinforcing the premise that the Federal Reserve will accelerate the tapering of its bond purchases. The Dow posted the largest weekly gain, followed by the S&P 500, the Nasdaq, the Global Dow, and the Russell 2000. Treasury yields and crude oil prices advanced, while the dollar and gold prices dipped.
Investors turned more bullish last Monday following a stretch of volatility sparked by concerns over the spread of the Omicron variant. Each of the benchmark indexes listed here posted gains, led by the Russell 2000 (2.1%), followed by the Dow (1.9%), the Global Dow (1.3%), the S&P 500 (1.2%), and the Nasdaq (0.9%). Yields on 10-year Treasuries jumped 678 basis points to 1.43%. Crude oil prices climbed to $69.95 per barrel, while the dollar was mixed.
Last Tuesday, Wall Street staged the biggest rally since March on hopes that the Omicron variant won’t weaken the economy. Tech stocks, which had been floundering, led the charge, pushing the Nasdaq up 3.0%, followed by the Russell 2000 (2.3%), the S&P 500 (2.1%), the Global Dow (1.6%), and the Dow (1.4%). Each of the market sectors advanced, led by information technology, consumer discretionary, and energy. Ten-year Treasury yields climbed to 1.48%. Crude oil prices rose to $71.54 per barrel. The dollar was unchanged.
Stocks continued to push higher last Wednesday as the S&P 500 and the Nasdaq inched toward record highs. The small caps of the Russell 2000 led the indexes, gaining 0.8%, ahead of the Nasdaq (0.6%), the S&P 500 (0.3%), the Global Dow (0.3%), and the Dow (0.1%). Yields on 10-year Treasuries rose again, reaching 1.5% at the close of trading. The dollar fell, while crude oil prices advanced for the third consecutive day, hitting $72.62 per barrel. Among the market sectors, communication services (0.8%)
and health care (0.7%) climbed higher, while financials (-0.5%) and consumer staples (-
0.4%) fell.
The three-day stock market rally ended last Thursday as losses in consumer
discretionary, information technology, and real estate led the market lower. The volatile
Russell 2000 dropped the furthest, down 2.3%, followed by the Nasdaq (-1.7%), the S&P
500 (-0.7%), and the Global Dow (-0.4). The Dow was little changed. Bond prices rose,
pulling yields lower. Crude oil prices fell to $70.49 per barrel. The dollar inched higher.
Among the market sectors, only health care and consumer staples posted gains.
Equities closed out the week on a high note last Friday. Several of the benchmark
indexes listed here posted solid gains, led by the S&P 500 (1.0%), followed by the
Nasdaq (0.7%), the Dow (0.6%), and the Global Dow (0.3%). The Russell 2000 dipped
0.4%. Ten-year Treasury yields inched higher, while crude oil prices rose 1.5% to $71.97
per barrel. The dollar slipped lower. Many market sectors rose, with information
technology, consumer staples, and energy leading the way.
The national average retail price for regular gasoline was $3.341 per gallon on
December 6, $0.039 per gallon less than the prior week’s price but $1.185 higher than a
year ago. Gasoline production decreased during the week ended December 3, averaging
9.6 million barrels per day. U.S. crude oil refinery inputs averaged 15.8 million barrels
per day during the week ended December 3 — 153,000 barrels per day more than the
previous week’s average. Refineries operated at 89.8% of their operable capacity, up
from the prior week’s level of 88.8%. Click for Full article: Winthrop Partners’ Market and Economic Update 12-13-21