Market Commentary, 06/26/17
All three major indexes were up last week, with the tech-heavy Nasdaq leading the way with a 1.84% increase to reverse the prior week’s loss. The S&P closed at 2,438 for a weekly increase of 0.21% and the Dow managed its fifth consecutive week of gains closing at 21,394, a modest 0.05% bump.
In US Economic news, first-time unemployment claims rose slightly to 241,000, but stayed below the healthy jobs market threshold of 300,000 for the 120th straight weeks. The number of people already receiving benefits ended the week at 1.94 million. This marks the 10th consecutive week below 2 million, which has not happened since 1973.
It continued to be a seller’s market in housing, according to the latest data from the National Association of Realtors (NAHB). Sales of previously owned homes rebounded in May on the heels of tighter supply and rising prices. The median number of days an existing property spent on the market reached a fresh low of just 27 days, said the NAHB. The median home sales price in May was $252,800, a new all-time high and 5.8% higher than the same time last year. May was the 63rd consecutive month of annualized home price gains.
Again, both the Dow and S&P 500 hit all time-highs last week, closing Monday at 21,529 and 2,453 respectively. The market continues its slow and steady increase, most likely due to positive data mentioned above and expected pro-growth policies.
Jeremiah Patterson, CFP®
Copelin Financial Advisors
514 Brooks Street
Sugar Land, TX 77478
Phone: 281 240-2902
Fax: 281 240-2856
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