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Weekly Market Update – April 10, 2015

The Dow rose 99 points Friday to close above 18,000 for the first time in April.  For the week the Dow was up 1.7% and for the year the index is up 1.4%.

Friday was a relatively quiet day, with attention focused on next week’s Q1 corporate earnings announcements.  Earnings in Q1 are forecast to be 4.7% lower, year-over-year, negatively affected by the strong dollar.   

Oil rose 1.7% to $51.64 per barrel after Friday’s drilling rig report showed that the number of US drilling rigs in operation dropped for the 18th-consecutive week.

The yield on the 10-year Treasury fell 1 bps Friday to 1.95%, up 5 bps for the week and now down 22 bps for the year.  Through Thursday, April 9, our trust preferred portfolios were up over 3.5%, on average, versus 1.63% for the Barclays Aggregate Bond Index. 

Next week’s economic calendar highlights include March retail sales on Tuesday, March inflation data on Tuesday and Friday, weekly jobless claims and March housing data on Thursday and a consumer confidence report also on Friday.  Expect retail sales to show an improvement from February, the inflation data to show a slight uptick in prices, weekly jobless claims to settle in the 280,000 – 290,000 range (from 285,000 this week), housing data to show increased activity from February and consumer confidence to remain at a relatively high level.  First quarter corporate earnings will continue as well.

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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