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Bob Carey
Chief Market Strategist
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  Stocks Ended Sept. 23, 2016
Posted Under: Weekly Market Commentary

 
Equity markets traded up this week as positive economic news, including another delay by the Fed in raising rates, fueled markets. The S&P 500 Index was up 1.2% but was outpaced by the S&P 400 Midcap Index (up 2.0%) and the S&P 600 Smallcap Index (up 2.6%). Year-to-date the S&P 600 Smallcap Index (up 15.0%) and the S&P 500 Midcap Index (up 13.1%) are far outpacing the S&P 500 Index (up 8.2%). So far 2016 has been a reversal of recent trends as 2013 was the last time the S&P 1000 Smidcap Index outpaced the S&P 500 Index. This week European stocks rallied as the U.K. FTSE 100 Index was up 3.0% in GBP, the French CAC 40 was up 3.6% in EUR and the German DAX rallied 3.4%. The U.S. Federal Reserve and the Bank of Japan continuing their monetary policies helped to lift many European equities higher. Crude oil had a volatile week. Crude opened the week close to $43 a barrel and rose to $46.32 Thursday, only to tumble down to $44.48 to close Friday. OPEC appeared to have a deal figured out on Thursday where the Saudi's offered to cut oil production as long as Iran froze production growth. However, on Friday it was announced that no OPEC deal was immanent, causing the crude price to fall. FedEx Corp. rallied nearly 10% this week as they announced strong earnings and guidance. FedEx management stated that they expect to see record holiday shipping this year and that they will add 50,000 seasonal workers as a result. Adobe Systems Inc. also rallied over 8.6% after they announced strong earnings and guidance primarily from higher than expected digital media spending. Looking forward to next week, markets should have a more up-to-date view on consumer spending as Carnival Corp., NIKE Inc., PepsiCo Inc. and Costco Wholesale Corp. are expected to release quarterly results.
Posted on Monday, September 26, 2016 @ 8:33 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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