U.S. and foreign stocks ended the week with gains. The Federal Reserve minutes were released on Wednesday and showed a positive view on economic growth but FED members were divided on whether inflation will move above the FED’s 2% target this year. The 10 year treasury yield ended the week unchanged. Commodity prices had modest gains as did the dollar.
In the numbers this week:
- The National Association of Realtors reported that existing home sales fell 3.2% in January, blaming low supply, rising prices, and an uptick in mortgage rates. Existing home inventories are only at a 3.4 month supply.
- The UK revised growth to only 0.4% in the fourth quarter, becoming the slowest growing major economy.
- The IHS Markit Eurozone PMI declined from 59.6 in January to 58.5 in February. Anything over 50 indicates acceleration just at a slower increase.
- The Labor Department reported first time claims for unemployment fell 7,000 to a seasonally adjusted 222,000 in the prior week. The four week moving average of claims fell 2,250 to a seasonally adjusted 226,000.
- The Energy Information Administration weekly report is here: wpsrsummary (5). Also the EIA reported:
- Weekly field production of crude oil fell 1 thousand barrels per day.
- Storage of Natural Gas fell 124BN cubic feet.
- According to Baker Hughes, In the past week the number of active oil rigs rose 1 to 799 and the number of active gas rigs rose 2 to 179.
- According to Factset, with 90% of the S&P 500 companies reporting, the blended Q4 earnings growth rate is 16.8%.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF®, MA Erik A Smith
President Managing Partner
Generations Financial Planning & Wealth Management 269-441-4143
77 E. Michigan Ave, Suite 140
Battle Creek, MI 49017
Carrie Fuce, Assistant 269-441-4091
Toll Free: 800-513-8180
Visit our Website: www.genfinplan.com
Registered Representative of and securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Generations Financial Planning & Wealth Management are separate companies and are not affiliated.
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.