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O&G Research and Thinkpieces

July 20, Market Update

7/24/2018

 
Stocks finished a range-bound Friday session little changed, shrugging off potentially rattling comments from President Trump. The S&P 500 and the Nasdaq Composite both lost 0.1%, while the Dow Jones Industrial Average finished unchanged. Friday's stumble left the S&P 500 flat for the week.
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In a CNBC interview aired on Friday morning, President Trump said he is ready to put tariffs on $500 billion worth of Chinese goods -- approximately the entire amount of goods shipped to the U.S. from China in 2017. Later, in a tweet, the president doubled down on his criticism of the Fed, saying rate hikes hurt what his administration has accomplished, and reiterated his concern over a strengthening dollar.
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The U.S. Dollar Index tumbled 0.8% to 94.20 in response to the president's comments, retreating from a 12-month high.
In the bond market, Treasuries sold off in a curve-steepening trade, with the 2-yr yield climbing one basis point to 2.60% and the 10-yr yield climbing five basis points to 2.90%. Some analysts saw the increased 2-10 spread as a sign that investors believe President Trump's criticism of the Fed could slow down the pace of rate hikes.
The S&P 500 tested the 2800 level several times on Friday, but it held through each attempt, with the low of the day coming in at 2800.01.


Source: Briefing.com
Graph: Google Finance 

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  • About Us
  • Our Services
    • Investment Management >
      • Retirement Planning
      • Executive Compensation Management
      • Education Planning
      • Trust & Estate Planning
    • U.S. Tax Services
    • American Expat Services
  • CLIENT PORTALS
    • SCHWAB LOGIN
    • INTERACTIVE BROKERS LOGIN
  • Contact Us
  • Community
    • Volunteer & Non Profit
    • The Value Investor's Library