Markets: The market hit record highs again this week, with the S&P 500 gaining for the 6th straight week. Fed Chief Yellen’s speech on Friday indicated a strong likelihood of a rate hike when the Fed meets in mid-March.
Dividend Stocks Update: These high dividend stocks go ex-dividend this coming week: Bandera Gold Ltd (V:BGL), General Motors Company (NYSE:GM), Occidental Petroleum Corporation (NYSE:OXY), PPL Corporation (NYSE:PPL), TELUS Corporation (NYSE:TU), Gaming & Leisure Properties (NASDAQ:GLPI).
Volatility: The VIX fell 4.4% this week, finishing at $10.96.
Currency: The USD rose vs. most major currencies, except the euro, on the back of increase in the probability of a Fed rate hike this month:
Market Breadth: 18 of the DOW 30 stocks rose this week, vs. 21 last week. 57% of the S&P 500 rose, vs. 67% last week.
US Economic News: Core PCE, (Personal Consumption Expenditures), one of the Fed’s favorite inflation gauges, rose 0.3% to a 1.9% y/o/y change, the highest since 2012.
Q4 GDP grew 1.9%.
4-week average Job Claims fell to 234.25k.
Consumer confidence hit a new high, rising from 111.8 to 114.8.
Pending home sales fell 2.8%, and December was revised down from 1.6% to 0.8%.
Week Ahead Highlights: The Non-Farm Payrolls report and Unemployment Rate come out on Friday, along with avg. hourly earnings and workweek. The ADP report on Wednesday may give us an additional clue as to which way jobs are headed.
Sectors & Futures: Financials led this week, with Telecoms and Real Estate trailing.
Crude Oil futures fell this week, while Natural Gas gained. The US rig count continued to increase – it’s now up to 609. :
