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Bob Carey
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  US Stocks Ended Nov. 18, 2016
Posted Under: Market Commentary Video

Once again equity markets were positive this week as the S&P 500 moved up 0.9%. The S&P 500 is now up 2.8% in November and 8.9% year to date. Market optimism over future GDP growth under a Republican controlled government continues to fuel equities. Leading the way in equities has been small and midcap stocks. The S&P Midcap index is up 6.5% in November and up 16.5% year to date. The S&P Smallcap index is up 11.2% in November and up 21.0% year to date. Interest rates continued to grow, although at a slower rate than last week's post-election spike. On Friday, the 10 year, 5 year and 2 year U.S. Treasuries all closed with their highest yields of the year. Part of the reason yields are up is economic optimism, another factor is that Fed Chairman Janet Yellen stated that the central bank is close to boosting rates. This economic optimism and future rate probabilities also helped the U.S. Dollar reach its highest level relative to a basket of other currencies since 2003. Moving to some individual company news, Harman International Industries, a player in the car audio/infotainment system space, saw its shares soar nearly 25% after Samsung Electronics Co. agreed to buy the company for cash. Best Buy Inc. announced earnings and revenue that surpassed expectations that sent its shares up nearly 15% on Thursday. The brick and mortar retailer credited its outperformance to a significant boost in online sales and robust appliance sales. The airline industry, saw a huge upturn as famed U.S. investor Warren Buffett disclosed he held stakes in four airline companies, American Airlines Group Inc., Delta Air Lines Inc., Southwest Airlines Co. and United Continental Holdings. The S&P 500 Airlines GICS Index was up 7.6% this week and up over 53.3% since June. Next week earnings season will slow down dramatically after Tuesday when 11 S&P 500 companies are expected to report. Also, U.S. equity markets will be closed on Thursday to celebrate Thanksgiving and will close early Friday at 1pm eastern time.
Posted on Monday, November 21, 2016 @ 8:06 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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