Stocks and long-term bond yields fell again last week as fears of an economic slowdown, both here and abroad, worried investors. Despite a solid labor report, unfavorable reports from domestic and global manufacturers, and an expanding trade deficit apparently shook investors. Of the benchmark indexes listed here, only the tech-heavy Nasdaq posted a weekly gain, bolstered by gains in information technology shares. The Global Dow was hit the hardest, falling almost 2.0%, followed by the small caps of the Russell 2000, the Dow, and the S&P 500, each of which posted weekly losses for the third consecutive week.
Oil prices fell again last week, closing at $53.01 per barrel by late Friday afternoon, down from the prior week’s price of $56.00. The price of gold (COMEX) rose last week, closing at $1,510.30 by late Friday afternoon, up from the prior week’s price of $1,503.10. The national average retail regular gasoline price was $2.642 per gallon on September 30, 2019, $0.012 less than the prior week’s price and $0.224 less than a year ago. Click here for more Winthrop Partners Weekly Update 10-7-19
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.