Markets were driven largely by earnings news each day this week. U.S. Stocks had slight gains with the Nasdaq Index leaping on Friday based on earnings news. Gross Domestic Product for the third quarter came out on Friday showing good growth. The European Central Bank announced that it would extend bond purchases for the first nine months of 2018 but cut them in half from 60 BN to 30 BN Euros. Treasury yields increased slightly. Crude oil prices rose as grain prices were largely unchanged. The dollar rose against a basket of currencies.
In the numbers, this week:
- Factset reported with 55% of the S&P 500 companies reporting, third quarter earnings are up 3% from the same period last year.
- The Labor Department reported
- Initial claims for unemployment in the prior week rose 10,000 to a seasonally adjusted 233,000.
- The Commerce Department reported:
- Durable goods orders rose 2.2% in September from August. From a year ago durable goods orders rose 5.2%. The rise was mostly due to business investment.
- Newly built single family home sales rose 18.9% in September from August. September year to date sales are up 8.6% from the same period last year.
- The U.S. gross domestic product rose 3.0% in the third quarter despite the disruption from the hurricanes. This follows 3.1% in the second quarter. From a year ago, the U.S. grew at a 2.3% pace. Business spending and inventory builds were largely attributed for the gains.
- The Energy Information Administration’s Weekly Petroleum Data report is here wpsrsummary (7).
- The Energy Information Administration reported
- Weekly field production of crude rose 1,101 thousand barrels per day in the prior week. From two weeks ago weekly field production rose only 27 thousand barrels per day.
- Natural gas in storage rose 64Bcf last week from the prior week.
- Baker Hughes reported that oil drilling rigs rose 1 to 737. Gas drilling rigs fell 5 to 172.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF®, MA Erik 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.