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Weekly Market Update – May 1, 2015

The Dow experience a May Day rally Friday, recovering 184 of the 195 points lost during Thursday’s retreat.  For the week the Dow lost .3%, dropping its year-to-date return to 1.2%.

With economic data continuing to be mixed and Q1 GDP coming in well below expectations earlier this week, attention now turns to next Friday’s April jobs report.  A solid number could move the Fed closer to raising interest rates, though the present economic conditions still suggest an increase later in the year as opposed to one in the very near term. 

The yield on the 10-year Treasury rose 7 bps Friday to 2.12%, up 20 bps for the week and now down 5 bps for the year.  Through Thursday, April 30, our trust preferred portfolios were up approximately 3.5%, on average, versus 1.24% for the Barclays Aggregate Bond Index.  Oil fell .8% to $59.17 Friday, ending the week up 3.3%. 

Next week’s economic calendar highlights will be job-related with weekly jobless claims and the aforementioned April jobs report garnering the most attention.  Expect weekly jobless claims to settle in the 280,000 – 290,000 range (from 262,000 this week) and the jobs report to show the creation of approximately 255,000 jobs in April (substantially up from May’s 126,000) and the unemployment rate to hold steady at 5.5%.

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Ulland Investment Advisors

4550 IDS Center · Eighty South Eighth Street · Minneapolis MN 55402 · Telephone: 612-312-1400 · Facsimile: 612-204-3464