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- The Dow\u2019s all-time high was 36,952. The index closed last Friday at 36,245, leaving the index 1.95% from its all-time high.<\/li>\n\n\n\n
- The S&P 500\u2019s all-time high was 4818. The index closed last Friday at 4594, leaving the index 4.88% from its all-time high.<\/li>\n\n\n\n
- The Nasdaq Composite\u2019s all-time high was 16,212. The index closed last Friday at 14,305, leaving the index 13.33% from its all-time high.<\/li>\n\n\n\n
- The Russell 2000 Small Cap index all-time high was 2458. The index closed last Friday at 1862, leaving it 32% from its all-time high.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
We would need more than a weekly blog to discuss the possible reasons for the large divergence between the indexes.<\/p>\n\n\n\n
Market Climb Continues<\/strong><\/h2>\n\n\n\n
Stocks continued to melt higher last week as sectors not named technology led the charge. For the week the Dow rose 2.42%, the S&P 500 .77% and the Russell 2000 small cap index jumping 3.05%. Nasdaq was the laggard, moving higher by .38%.<\/p>\n\n\n\n
Over the pond, foreign stocks are following the lead, rising .85% with Emerging markets up .47%.<\/p>\n\n\n\n
Bond Yields Continue to slide<\/strong><\/h2>\n\n\n\n
Market interest rates continued downward, with the 10-Year US Treasury ending the week with a yield of 4.209%.\u00a0 The following Friday, 4.472%.<\/p>\n\n\n\n
\nMortgage rates should continue to see some relief.\u00a0 A few weeks ago, the average rate on a 30-year fixed rate mortgage hit 8%.\u00a0 This week we may see the number be in the high 6% range.<\/p>\n<\/div>
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<\/figure><\/div>\n\n\n\nLast week the Personal Consumption Index (PCE) reported inflation continues to moderate.\u00a0 The Fed however has made absolutely no indication they will be reducing rates anytime soon.<\/p>\n\n\n\n
The markets however are pricing in at least a couple of rate hikes in the first half of 2024. We\u2019ve been down this road before, as many prognosticators back in 2022, suggested the Fed would cut in 2023. <\/p>\n\n\n\n
Will the Fed cut next year? My hope, is yes, however only for the reason to normalize short-term rates and not for any other economic or market issue.<\/p>\n\n\n\n
TAXES 2024<\/strong><\/h2>\n\n\n\n
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