The stock market chopped around for most of last week, with the S&P 500 (SPX) closing 15 points higher at 2747.
While the VIX eventually dipped below 17, it flirted with 20 for most of the week. They often spent most of the day rising, only to lose their strength towards the close. On Friday, they saw a very strong move higher towards the end of the day.
The week in the US began on Tuesday, as Monday was President’s Day. Stocks broke a six day move higher, as Walmart (WMT) reported mixed earnings, wiping out 10% of its value. Bonds were also on the move, with 10-year yields drifting above 2.9%, possibly anticipating big Treasury auctions later in the week.
S&P 500 (SPX) Chart with Daily Bars
The stock market chopped around for most of last week, with the S&P 500 (SPX) closing 15 points higher at 2747.
While the VIX eventually dipped below 17, it flirted with 20 for most of the week. They often spent most of the day rising, only to lose their strength towards the close. On Friday, they saw a very strong move higher towards the end of the day.
The week in the US began on Tuesday, as Monday was Presidents Day. Stocks broke a six day move higher, as Walmart (WMT) reported mixed earnings, wiping out 10% of its value. Bonds were also on the move, with 10-year yields drifting above 2.9%, possibly anticipating big Treasury auctions later in the week.
On Wednesday, the Fed released the minutes from the January meeting, in which they appeared to signal that a fourth rate hike for 2018 was a distinct possibility. This pushed the stock market lower in the last hour of trading, as well as after the close.
On Thursday, the Department of Labor indicated that the economy remains strong, announcing claims for unemployment assistance for the previous week fell by 7,000 to 222,000, compared to expectations of 230,000. Also, after the Energy Information Administration announced a drop in crude oil inventories, oil prices rose on Thursday and Friday. After dipping below 60, they ended the week at $63.57.
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