DOW UP SEVEN WEEKS… Stocks ended with the Dow ahead for the seventh week, the Nasdaq up decently, and the S&P 500 eking out a one point gain. Worries about slowing global growth kept traders in check.
Bad news from across the pond featured lower growth outlooks from Britain and the EU, and German manufacturing declines for December. China’s growth also slowed, while the U.S. trade deal still has some distance to go.
Nevertheless, our economy continues to show little evidence of a slowdown. With two thirds of the S&P 500 reporting earnings, about 72% have beaten expectations, way better than was feared by those looking for a recession.
The week ended with the Dow UP 0.2%, to 25106; the S&P 500 flat, at 2708; and the Nasdaq UP 0.5%, to 7298.
Bond prices went up on the down European data. The 30YR FNMA 4.0% bond ended UP .25, at $102.30. The national average 30-year fixed mortgage rate fell to a 10-month low in Freddie Mac’s Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW?… The Urban Institute says 5.6 million millennials live with their parents. Yet their research shows people who go out and buy a home before age 25 end up with the largest return on their housing investment in later years.