Receive Weekly Market Updates via Email

shadow

Weekly Market Update – July 17, 2015

Stocks finished the day mixed Friday despite a record day from Google.  The Dow fell 34 points while the NASDAQ, buoyed by Google’s strength, surged nearly 1%, closing at a record high.   For the week the Dow was up 1.8% and for the year the index is now up 1.5%.

Google rose more than 16% Friday on better-than-expected second-quarter earnings, boosting its market cap by over $65 billion, the largest single-day gain ever.  Led by Google, the technology sector posted its best week since 2011.  Overseas, Greek debt negotiations continued Friday as the European Council approved a short-term $7.7 billion loan to Greece while the European Central Bank announced it would increase its emergency liquidity to Greek banks, which are set to reopen Monday after being closed for the past three weeks.

The yield on the 10-year Treasury held steady at 2.35%, down 7 bps for the week and now up 18 bps for the year.  Earlier in the week Fed Chairwoman Janet Yellen reiterated that interest rates would likely begin to rise later in the year, but at a slow and measured pace.

Oil fell 12 cents to $50.79 Friday, down 3.9% for the week.  A stronger dollar, oversupply concerns and the fear that Iran will flood the market with additional oil on the heels of its nuclear deal contributed to the price decline.

Next week’s economic calendar highlights include June housing data on Wednesday and Friday and weekly jobless claims on Thursday.  Expect the housing data to show an increase in activity from May and weekly jobless claims to again fall in the 280-290,000 range (from 281,000 this week).  Second quarter corporate earnings will continue as well.  To date, earnings have been better-than-expected, helping to drive markets this week.

shadow
 

Ulland Investment Advisors

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