While the Dow and the S&P 500 had slight gains for the week, the NASDAQ index rebounded from the prior week’s declines. Foreign stocks were lower. Interest rates fell with the yield curve flattening. Commodities were lower, especially oil and grains. The dollar was mostly unchanged.
In the numbers, this week:
- The National Association of Realtors reported that existing home sales rose 1.1% in May despite the limited availability of existing homes. From a year earlier existing home sales were up 2.7%
- The Commerce Department reported:
- New, single-family home sales rose 2.9% to a record seasonally adjusted annual rate of 610,000 in May.
- The median sales price for new homes in May was $345,800.
- The Labor Department reported first time claims for unemployment fell 3,000 to a seasonally adjusted 241,000. The four-week moving average of claims rose 1,500 to 244,750.
- The Energy Information Administration’s Weekly Petroleum Data report is here wpsrsummary.
- The Energy Information Administration reported
- Weekly field production of crude oil fell 20,000 barrels per day in the prior week.
- Natural gas in storage rose 61 Bcf last week from the prior week.
- Baker Hughes reported that oil drilling rigs increased by 11 to 758. Gas drilling rigs fell 3 to 183.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF®, MA Erik Smith
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.