The Markets (as of market close January 24, 2020)
Last week proved to be a tough one for the market as each of the benchmark indexes listed here lost value. Concern over the possible spread of the coronavirus from China apparently provided the impetus for investors to pull away from stocks. Long-term bond prices soared, pushing yields 15 basis points lower. The price of gold also climbed after falling the week prior. The small caps of the Russell 2000 were hit the hardest, down over 2.0% for the week, which pushed that index below its 2019 closing value. The Global Dow, Dow, and S&P 500 each lost more than 1.0%, while the tech-heavy Nasdaq dropped over three-quarters of a percent.
Oil prices plummeted last week, closing at $54.21 per barrel by late Friday afternoon, down from the prior week’s price of $58.73. The price of gold (COMEX) jumped higher last week, closing at $1,570.70 by late Friday afternoon, up from the prior week’s price of $1,556.80. The national average retail regular gasoline price was $2.537 per gallon on January 20, 2020, $0.033 lower than the prior week’s price but $0.286 more than a year ago. Click for more:Winthrop Partners Weekly Update 1-27-2020
Thomas Saunders is the Managing Partner of Winthrop Partners. Prior to founding Winthrop Partners, Tom was Senior Vice President at what is now JP Morgan. His career includes senior and executive roles at Brown Brothers Harriman and First Niagara Bank, a top 25 Bank. Click here to contact Thomas Saunders about your investment and planning requirements.