FINANCIAL STOCK MARKET  WEEK "Wall Street closed the holiday-shortened week generally higher" January 22, 2024

The Markets (as of market close January 19, 2024)

Wall Street closed the holiday-shortened week generally higher, with each of the benchmark indexes listed here posting gains, except for the Russell 2000 and the Global Dow. The surge in stocks was driven primarily by information technology and communication services, with chip makers leading the charge.  Other than financials, which ticked up marginally higher, the remaining market sectors ended the week in the red.  Following December's surge, investors became pensive about stocks to begin the new year after expectations of an impending interest rate cut waned.  However, favorable economic news helped bolster confidence in equities, at least for the time being.  Long-term bond prices faded, pushing yields higher, as good economic news, particularly in the labor sector, supported the Federal Reserve's inclination to keep rates higher for longer.

Stocks closed lower last Tuesday as investor sentiment was dampened by rising bond yields and a suggestion from Federal Reserve Governor Christopher Waller that interest rate cuts should not be rushed.  The Russell 2000 fell 1.2%, the Global Dow lost 1.0%, the Dow slid 0.6%, the S&P 500 declined 0.4%, and the Nasdaq dipped 0.2%.  Ten-year Treasury yields rose 11.6 basis points to 4.06% as bond values declined.  Crude oil prices settled at $71.81 per barrel after falling 1.2%.  The dollar rose 0.7%, while gold prices fell 1.0%.

Equities fell for the second straight session last Wednesday as rising Treasury yields impacted megacap companies.  The Global Dow (-0.8%) fell the furthest, followed by the Russell 2000 (-0.7%), the Nasdaq and the S&P 500 (-0.6%), and the Dow (-0.3%). Yields on 10-year Treasuries rose to 4.10%.  The worst-performing sectors included real estate, consumer discretionary, information technology, and materials.  Crude oil prices rose 0.6% to $72.81 per barrel. The dollar was flat, while gold prices declined 1.1%.

A surge in megacap tech shares helped push stocks higher last Thursday. The Nasdaq led the benchmark indexes listed here, gaining 1.4%, followed by the S&P 500 (0.9%), the Global Dow and the Russell 2000 (0.6%), and the Dow (0.5%). Ten-year Treasury yields continued to ascend, gaining 3.8 basis points to close at 4.14%.  Crude oil prices jumped 2.0% to $74.02 per barrel. The dollar was flat, while gold prices gained 0.9%.

Stocks rallied to close out the week last Friday, with the S&P 500 reaching an all-time high. The information technology sector led the day's gains with chip makers driving the advance. The Nasdaq advanced 1.7%, followed by the S&P 500 (1.2%), the Dow (1.1%), the Russell 2000 (1.0%), and the Global Dow (0.8%).  Ten-year Treasury yields were flat, closing at 4.14%. Crude oil prices ended their streak, falling 0.4% to $73.82 per barrel.  The dollar dipped 0.3%, while gold prices rose 0.5%.

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Wendy Nelson, CEO of Wind River Wealth Advisors, aims to provide beneficial investment management, retirement planning, financial planning, asset management, and portfolio management to protect your money with knowledgeable strategies and plans by utilizing a personal independent financial advisor.