U.S. Stocks continued to climb this week on generally good economic data. Foreign stocks were down, and the U.S. dollar and treasury interest rates rose while bond prices fell. Oil and precious metals were lower while natural gas and industrial metals such as copper and aluminum were higher.
In the numbers this week:
- Japan’s gross domestic product grew at a 2.2% pace in the 3rd This was attributed primarily to a 2.0% increase in exports.
- The National Association of Realtors reported that sales of previously owned homes rose a seasonally adjusted 2.0% in October. From a year ago, previous home sales were up 59%.
- The Energy Information Administration reported that in the prior week:
- Crude oil inventories fell 1.32MM barrels
- Gasoline inventories rose 2.3MM barrels
- Crude oil production rose 9,000 barrels.
- Baker Hughes reported that oil drilling rigs rose by 3 to 474 and gas drilling rigs rose 2 to 118.
- The Commerce Department reported
- Durable goods orders rose 4.8% in October. The largest increase was for civilian aircraft. Excluding transportation durable goods orders still rose 1.0%. September’s durable goods orders were also revised up to a 0.4% gain.
- New home sales fell 1.9% in October. Still sales were 17.8% higher than a year ago. September new home sales were revised down from 593,000 to 574,000.
- The Labor Department reported that initial claims for unemployment rose 18,000 to 251,000. This follows a multi-decade low the previous week revised to 233,000.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF®, MA Erik Smith
Generations Financial Planning & Wealth Management 269-441-4143
77 E. Michigan Ave, Suite 140
Battle Creek, MI 49017
Carrie Fuce, Assistant 269-441-4091
Toll Free: 800-513-8180
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.