The Markets (as of market close October 25, 2019)
Solid corporate earnings reports and encouraging signs on the trade war front spurred stocks higher last week. The S&P 500 reached its second highest closing value by last Friday, while the Dow is nearing a record high. Word came from government officials last Friday that progress had been made in negotiations with China on the first phase of a potential trade agreement between the two economic giants. Of the indexes listed here, the technology-heavy Nasdaq led the way gaining almost 2.0%, followed by the small caps of the Russell 2000, which surged over 1.5%. The large caps of the S&P 500 and Dow also fared well. Even the Global Dow rose more than 1.0%. As to corporate earnings, the majority of S&P 500 companies posting earnings for the third quarter beat analysts’ expectations. Investors may also be anticipating the Fed dropping interest rates this week following its October meeting.
Oil prices climbed last week, closing at $56.65 per barrel by late Friday afternoon, up from the prior week’s price of $53.71. The price of gold (COMEX) rose for the second week in a row last week, closing at $1,507.10 by late Friday afternoon, up from the prior week’s price of $1,493.60. The national average retail regular gasoline price was $2.638 per gallon on October 21, 2019, $0.009 more than the prior week’s price but $0.203 less than a year ago. For More Information please click here: Winthrop Partners Market update 10-28-19