1/29/20 Market Notes
Stocks rebounded a bit on Tuesday, as strong corporate earnings and a sharp rise in Consumer Confidence help lift investor sentiment for the day. The Dow Jones Industrial Average ended 187 points higher (0.66%), while the S&P 500 gained more than 1%. All eleven sectors of the S&P were higher, led by a 1.87% gain in the Technology sector, which helped lift the NASDAQ index by 1.43%. Treasury yields gained across the spectrum, with the benchmark Ten Year ending at 1.64%, as the U.S. dollar and gold held onto their previous days’ gains as market participants evaluated the global risks of the Coronavirus.
European and Asian bourses are mostly higher, with the notable exception of the Hang Kong and Shanghai indexes, which are both off by nearly 3% again, as the region struggles with the impact and rapid spreading of the Coronavirus. Oil prices are also rebounding, after falling nearly 15% from their most recent highs.
Looking ahead, this afternoon’s press conference by Fed Chair Jerome Powell is sure to be the central focus for investors, ahead of tomorrow’s first look at fourth quarter GDP and Friday’s latest read of Consumer Price inflation and Personal Income & Spending.
Disclosures: This market commentary is written by the 1879 Advisors Investment Committee 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.