The Markets (as of market close September 20, 2019)
Following three consecutive weekly gains, stocks closed down last week. Despite another drop in interest rates, news that a Chinese delegation involved in trade negotiations would be returning home earlier than expected worried investors and sent stocks spiraling downward. An attack on oil facilities in Saudi Arabia prompted a surge in crude oil prices, which had been falling over the past few weeks. By last week’s end, each of the benchmark indexes listed here lost value, led by the small caps of the Russell 2000 and the large caps of the Dow, each of which dropped over 1.0%. It looks like volatility will be the operative word moving into the fall, as investors’ predilections will be driven by trade rhetoric between the United States and China.
Oil prices jumped last week, closing at $58.09 per barrel by late Friday afternoon, up from the prior week’s price of $54.82. The price of gold (COMEX) climbed last week following three consecutive week-over-week losses, closing at $1,523.80 by late Friday afternoon, up from the prior week’s price of $1,495.70. The national average retail regular gasoline price was $2.552 per gallon on September 16, 2019, $0.002 more than the prior week’s price but $0.289 less than a year ago. Click here for more: Winthrop Partners Weekly Update 9-23-19
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.