So I have been keeping myself quite busy producing the ten minute video that is required for my CFP internship application to the company in Ann Arbor. It is due on Thursday. I am also still awaiting word on scheduling an interview in Southfield. Beyond that I continue to study in preparation for entering the formal 14-month academic program in February.
The promised weekly summation is below, including my daily succinct commentary. I must produce the video using the old laptop here so it's going to be next weekend before I can finally set up the new computer and get these Marias blog postings going daily again. Hope everyone had a great weekend.
Succinct Summation of Week’s Events for 12.2.16
Succinct Summations for the week ending
December 2nd,
2016
Positives:
- Nonfarm payrolls rose to 178k, up from 161k
previously.
- Unemployment falls to 4.6%, a new cycle low.
- Third quarter real GDP was revised up from
2.9% (SAAR) to 3.2%.
- Personal income rose 0.6% m/o/m, above the
0.4% expected.
- PMI manufacturing index rose from 53.4 to
54.1 and above the 53.9 expected.
- Corporate profits rose 5.2% y/o/y in the
third quarter.
- ISM manufacturing rose from 51.9 to 53.2,
above the 52.3 expected.
- Construction spending rose 0.5%, up from
-0.4% previously.
Negatives:
- Jobless claims rose from 251k to 268k.
- Average hourly earnings fell 0.1% m/o/m.
- Consumer spending rose just 0.3%, below the
0.5%expected increase.
- Pending home sales rose 0.1%, down from the
1.5% previous reading and below the 0.8% expected increase.
- MBA mortgage applications fell 9.4%
w/o/w.
Spread
the wealth.
Wall St. slips as banks,
discretionary stocks drag
DJ: 19,097.90 -54.24 NAS: 5,368.81
-30.11 S&P: 2,201.72
-11.63 11/28
The market
took a bit of a breath to cash in for a few profits after the tremendous runup
of the past couple of weeks, bringing the Dow down a modest 54 points. For the most part investors are now sitting
tight waiting for the next buying opportunity, which is reflected in the below
average volume of 6.5 billion.
Health stocks boost Wall Street; energy a drag
DJ: 19,121.60 +23.70 NAS: 5,379.92
+11.11 S&P: 2,204.66
+2.94 11/29
The market remains in “wait and see” mode for
a 2nd day as investors resign themselves to the end of the
post-election rally and wait for the next opportunity. One bit of good news today was data showing
the economy had grown more quickly than previously reported and that Q3 may be
our best in two years. Volume remains
below recent averages at 6.7 billion.
Wall St. posts sharp November
gains; S&P 500 flat on day
DJ: 19,123.58 +1.98 NAS: 5,323.68
-56.24 S&P: 2,198.81
-5.85 11/30
After a huge
jump of over 100 points right out the gate this morning, the Dow slowly settled
into a session-long decline to end the day very nearly flat. The very long awaiting agreement with OPEC to
finally and at lasdt cut production and end this years long oil glut came to
fruition today and shot crude prices up almost 10 percent. Watch out, this means the era of low gas
prices will likely soon be ending.
Despite the seesaw day, volume remained well above average at 9.5 billion
shares. Tomorrow December begins and it
is almost a certainty now that in the next few weeks there will finally be a
rate hike from the Fed.
S&P, Nasdaq dragged lower by tech; Dow hits record
close
DJ: 19,191.93 +68.35 NAS: 5,251.11
-72.57 S&P: 2,191.08
-7.73 12/1
Just a day after OPEC announced the long
sought agreement to cut production, crude has jumped over 14 percent helping to
shoot the Dow to a new record close up 68 points. The market is now looking to tomorrow’s payroll
report for added signs of a December interest rate hike which is now priced at
91 percent. Volume was vigorous at over
9 billion shares, above the 7.9 billion average of the past month.
Wall Street little changed as bank rally pauses
DJ: 19,170.42 -21.51 NAS: 5,255.65
+4.55 S&P: 2,195.95
+0.87 12./2
Payroll report showed an increase in hiring
over the forecast bringing the jobless rate to a 9 year low. However, this good news was counterbalanced
by the renewed certainty now of a December rate and thus the Dow came down 21
points. Oil continues to ride high after
the OPEC agreement but the overall sentiment is boredom as investors wait for
the next event, reflected in the relatively meager volume of 7 billion versus
the recent 8 billion share average.
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