WEEKLY CAPITAL MARKET HIGHLIGHTS:
- US equities rallied, with the S&P 500 Index posting a weekly gain of 3.5%, erasing last week’s decline. Outside the US, both developed and emerging markets equities posted strong gains for the week with emerging markets leading the way.
- Treasuries fell after the strong job report on Friday. The yield on the 30-year Treasury bond had the largest gain along the curve ahead of auctions next week. The yield on the 10-year Treasury Note ticked higher at 2.89%.
- A stronger greenback pushed the Dollar Index back above 90, as this week’s steel and aluminum tariff announcement featured exemptions for Canada and Mexico, as well as the possibility of other countries also getting a waiver.
- Gold ended the week below its 50-day moving average of $1,333 per ounce, erasing the gains posted earlier in the week. Crude oil pushed up to $62 a barrel.
- Among other economic data released this week: Mortgage applications stalled last week, as interest rates inched higher. Revised numbers show worker productivity remained flat in Q4 2017, rather than declining 0.1%, whereas labor unit costs increased faster than expected. January’s new orders for US-made goods recorded their biggest decline in six months.
Click here to download the complete weekly report: Endowment Wealth Management Weekly Review March 9, 2018