Markets: The market rallied again this week, with the S&P 500, and Dow Jones 30 hitting new highs, and the NASDAQ rallying as well. Small caps (NYSE:IWM) didn’t join the party, and were roughly flat for the week.
Dividend Stocks Update: These high dividend stocks go ex-dividend this coming week: AGNC Investment Corp (NASDAQ:AGNC), Chatham Lodging Trust REIT (NYSE:CLDT), CRT, Hugoton Royalty Trust (NYSE:HGT), GEL, Mesa Royalty Trust (NYSE:MTR), OHI, Plains All American Pipeline LP (NYSE:PAA), PBT, PSEC, SJT, STB, Landmark Infrastructure Part (NASDAQ:LMRK), TRGP, KNOT Offshore Partners LP (NYSE:KNOP), WES, APLE, Blueknight Energy Partners LP LLC (NASDAQ:BKEP), GPP, Whitestone REIT (NYSE:WSR), .
Volatility: The VIX was down 1.7% this week, and finished at $9.80.
Currency: The US Dollar rose vs. most major currencies again this week.
Market Breadth: 15 of the DOW 30 stocks rose this week, vs. 23 last week. 48% of the S&P 500 rose, vs. 69% last week.
Economic News:
New Home Salesrose 19% in Sept., the largest % gain in 28 years. The number of Americans filing applications for new unemployment benefits rose last week, after falling to the lowest level in 44 years in mid-October. (WSJ).
The European Central Bank announced Thursday that it will reduce the scale of its bond buying program in January As part of the program, which began in March 2015, the ECB has been purchasing 60 billion ($71 billion) worth of government bonds and other assets each month. Starting next year, the buys will be slashed to 30 billion ($35 billion) per month. (CNN)
The Q3 GDP estimate was raised higher, to 3%. Consumer Sentiment remained high, at 100.7.
Week Ahead Highlights: The final decision on the next Fed chief may be announced next week. Q3 Earnings season rolls on, with DOW stocks Apple (NASDAQ:AAPL), Pfizer (NYSE:PFE), and Dow-DuPont reporting, Over 35% of the S&P 500 will be reporting also, including Berkshire Hathaway (NYSE:BRKa), Mastercard, and Facebook (NASDAQ:FB)
Next Week’s US Economic Reports: The October Payrolls report and Unemployment Rate are due out next Friday. The Fed’s Open Market Committee meets Tues-Wed., with a rate announcement coming Wed. We’ll also many consumer-based reports – Personal Income, Spending, and Sentiment.
Sectors: Tech led this week, with Healthcare trailing.
Futures: WTI Crude futures rose 4.76% this week, ending at $54.19, its highest level since late February. natural gas also gained 1.5%.
“Saudi Crown Prince Mohammed bin Salman said in an interview with Bloomberg that of course he wanted to prolong the Organization of Petroleum Exporting Countries output-reduction deal into 2018. That was after Russia's President Vladimir Putin said an extension should run through at least the end of next year. With the leaders of the worlds two biggest oil-exporting countries on board, an agreement is all but certain at a meeting in Vienna next month.
