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Bob Carey
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  US Stocks Ended August 18, 2017
Posted Under: Weekly Market Commentary

 
The S&P 500 Index had another down week returning -0.58% following the previous week's decline, the second worst week of 2017. The first seven months of the year all finished in positive territory, but August has shown negative performance with less than two weeks of trading remaining in the month. The week started out positive with North Korean tensions declining, but reversed by Thursday as more attention was drawn to the rhetoric of the President of the United States in the aftermath of the Charlottesville tragedy. The S&P 500 Index declined 1.54% on Thursday as investors questioned the probability of the President achieving his policy agenda and economic growth ambitions. In economic news, retail sales advanced higher than expected in July and the University of Michigan Consumer Sentiment Index also beat expectations reporting its highest level since January. US initial jobless claims of 232K were lower than the consensus estimate of 240K and the previous week's 244K. Crude oil declined 0.63% for the week, dropping $0.31and closing at $48.51 per barrel. Micron Technology Inc., a manufacturer of memory chips, flash memory and semiconductor components, showed the best performance for the week in the S&P 500 Index with a 8.46% return. The stock had positive momentum as memory prices for VGA graphics cards jumped over 30% from July and filings showing the CFO purchasing shares of the company. Wynn Resorts Limited, a luxury hotel and casino resort operator, returned 7.38% last week. The stock jumped 6.41% on Tuesday after a large bank upgraded the company to a buy from a hold which also helped other casino resort operators outpace the market that day. Estee Lauder Companies Inc., a manufacturer of skin care, makeup, fragrance, and hair care products, climbed 7.73% after releasing strong earnings results early Friday morning.
Posted on Monday, August 21, 2017 @ 9:00 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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