This past week US stocks posted modest gains while foreign stocks generally rose more sharply. The 10 year treasury yield declined to 1.55% and commodities, led by crude oil and grains, were lower. The U.S. dollar rose against a basket of currencies.
In the numbers this week.
- The National Association of Realtors reported that existing home sales increased 1.1% in in June to a seasonally adjusted rate of 5.57MM, the highest since February 2007. Low interest rates and an improving economy were cited as reasons for the increase.
- The Labor Department reported first time claims for unemployment fell 1,000 to a seasonally adjusted 253,000, the lowest since the economic recovery began. The four week moving average of claims fell to 257,750. The levels of initial and continuing claims hit record lows.
- HIS Markit reported that the U.K. purchasing managers index had a record large drop from 52.4 in June to 47.7 in July. Anything below 50 represents contraction.
- The U.S. Energy Information Administration reported in the prior week:
- Crude oil inventories fell 2.3MM barrels.
- Crude oil production rose 9,000 barrels.
- Gasoline inventories increased 0.9MM barrels.
- Baker Hughes reported that the US oil drilling rig count rose 14 to 371, the fourth straight week of increases while gas rigs fell 1 to 88.
Please call us if you have any questions.
Best Regards,
Loren C. Rex, CFP®, AIF® Erik Smith
President Partner
Generations Financial Planning & Wealth Management 269-441-4143
77 E. Michigan Ave, Suite 140
Battle Creek, MI 49017
Tel 269-441-4090
Carrie Fuce, Assistant 269-441-4091
Toll Free: 800-513-8180
Fax 269-441-4093
Visit our Website: www.genfinplan.com
Registered Representative of and securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Generations Financial Planning & Wealth Management are separate companies and are not affiliated.
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.
