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Weekly Market Update – February 27, 2015

The Dow fell 82 points Friday in response to lackluster economic data.  For the week the Dow was flat and for the year it is now up 1.7%.

Q4 US GDP was revised to 2.2% from 2.6% while February manufacturing data showed a contraction in activity, the corresponding index posting its lowest reading since July 2009.  The final February consumer sentiment release beat expectations but came in below January’s reading.  Despite the Friday drop, the Dow was up almost 6% in February, a marked contrast to January’s decline of over 3.5%.  Heading into March, the effectiveness of the European Central Bank’s stimulus program and the Fed’s language on interest rates will be monitored closely.
Oil rose 2.8% Friday to close at $49.52, down 2.4% for the week.  Natural gas inched higher.  The yield on the 10-year Treasury fell 1 bps Friday to 2.00%, down 13 bps for the week and now down 17 bps for the year. Through Thursday, February 26, our trust preferred portfolios were up over 3.5%, on average, versus 1.03% for the Barclays Aggregate Bond Index. 

Next week, jobless claims on Thursday and Friday’s February jobs report will highlight the economic calendar.  Expect weekly jobless claims to settle in the 290,000 – 300,000 range (from 313,000 this week) and the jobs report to show the creation of approximately 240,000 jobs in February and a drop in the unemployment rate to 5.6% (from 5.7%).


Ulland Investment Advisors

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