This week was another bad one for the US capital markets and we are on track for the worst December in many years. The Russell 200 and Nasdaq had the worst week of the major indicies at -8.4%. The Dow Jones Industrial Average and S&P 500 were down -6.9% and -7.0%, respectively. Small cap stocks fared worse than large cap stocks, and growth stocks were down more than value stocks. The S&P 500 is now down -9.6% year to date, and it is on track to have its worst year since 2008.
No sectors were spared this week, and all were down significantly. The worst performing sector was energy at -9.0%, followed closely by consumer discretionary and information technology at -8.6% and -7.9%, respectively. Gold was up +1.3% for the week, closing at $1,255.65 per ounce. Silver was up as well, posting a weekly gain of +1.4% and closing at $14.70 per ounce. Oil got slammed and was down -11.8% for the week, closing at $45.40 per barrel (West Texas Intermediate).
The capital markets were heavily affected by the political and economic news this week. The main event was the fed increasing interest rates 0.25%, which was not unexpected, but came with less cautionary language about future interest rate increases than the markets were expecting. Also, President Trump is holding the government’s funding hostage over his border wall funding requirement, which has put a limited government shutdown in effect, which will essentially continue while the House, Congress and President are off on Christmas break.
Cryptocurrencies had a good week, and this was the 1 year anniversary of Bitcoin’s highest point of $20,000. Bitcoin was up +26% for the week, and is currently at $4,020. Steem was up +50% for the week, currently at $0.33. EOS was up +45% for the week, and is currently at $2.75. Mass crypto adoption by the investing industry still seems a long ways off.
Overall, investors will be happy to see 2018 in the rearview mirror and are looking forward (optimistically or possibly naively) to a fresh start in 2019.
Good luck,
Brian
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Such a valuable market review. Crypto market is doing well this week. Hope the bull is running for longtime. We always expect a healthy market. Thanks sir @brain.rrr for the valuable market analysis.
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I look for yield-producing investement. I've heared about some pharmaceutical funds such as Adamas Funds, do you suggest investing in this market this period?
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These last weeks have not been good for the economy and my country much less, but at least this week the cryptocurrencies have been rising little by little
How are you my friend @ brian.rrr I hope you find yourself well and I wish you a merry Christmas and I hope you will spend happy time with your family, I appreciate you very much
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Hola @brian.rrr…
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