• 1879 Advisors

2/20/20 Market Notes

Better than forecast Housing Starts and Building Permits data helped give stocks a boost out of the gate on Wednesday, allowing the Dow Jones Industrial Average to end the day 115 points (0.40%) higher. Seven of the eleven sectors comprising the S&P ended higher, as the broad market index rose 0.47% on the back of a 1.32% gain in the Energy sector and a 1.09% gain by the Technology sector. The rate sensitive and traditionally defensive Utilities and Real Estate sectors fell 1.09% and 1.36% respectively, as mortgage applications fell sharply last week. Oil prices rose 2 ½% to end above $53 per barrel, while Treasury yields remained unchanged at 1.564% and the U.S. dollar fell slightly against major currencies. Gold rose more than $10 to $1,614.50, a 0.68% gain for the day, as Producer Prices climbed 0.5% in January, more than double the forecasted amount. The rise in PPI is attributed to sharper volatility in energy prices and viewed as transitory. Major European stock indexes are lower in overnight trading, as investors mull a series of weaker than expected earnings reports and the potential impact of the coronavirus. Asian bourses are mostly higher, with the Japanese Nikkei rising nearly ½% and the Chinese Shanghai index climbing more than 1 ¾%. Looking ahead, investors will get more earnings reports as well as the latest economic data points in form of the Philly Fed Manufacturing Index and Leading Indicators reports.


1879 Advisors

Disclosures: This market commentary is written by the 1879 Advisors and represents the views of 1879 Advisors. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.

2 views0 comments

Recent Posts

See All