Can you believe that the second week of May has just finished?! At this pace Labor Day will soon be upon us. Now we just need the weather to co-operate. As for the Market, there was lots of moving around but as the week finished no big moves.
The Dow closed 22 points today to close at 20,896. Retail stocks led the way with JC Penney stock dropping 14% as the sector gets pounded. Political uncertainty and a mixed bag of data led the Dow to decline by 1/2% this week. Oil moved around quite bit but closed mostly unchanged for the week to close at $47.87. While, the Dollar gained .6% this week on hopes for a rate hike next month. The 10-Year bond yields had a great week ending down to 2.32% as mixed data and politics sent investors looking for safe-haven. Core CPI rose only .1% for a year-over-year rate of 1.9% below expectations. Retail sales also rose less than expected as consumer consumption slows down.
Mortgage rates rose a bit this week, yet today's rally helped some banks to drop their rates today and if the rally sticks we could see more improvement on Monday. The 30-year fixed rates are back to 4.00% with 0 points.
Have a great weekend readers, and try to stay dry!!