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Clarksville Weekly Market Snapshot from Frazier Allen for the week of September 1st, 2013

By | September 1, 2013 | Email This Post Print This Post

F&M Investment Services - Raymond JamesClarksville, TN – The economic data were consistent with a slowing in the rate of overall growth in July.

The estimate of second quarter growth was revised higher (to a 2.5% annual rate, vs. +1.7% in the advance estimate), but that was almost entirely due to a smaller-than-expected trade deficit (the estimate of consumer spending growth was the same and the estimate of business fixed investment was only slightly different).

Personal income and spending figures showed a poor start for the consumer in 3Q13. Durable goods orders tanked in July, reflecting a drop in aircraft orders (which were strong in May and June). However, ex-transportation orders still disappointed.

Frazier Allen

Frazier Allen

The conflict in Syria was a major concern for the markets. U.S. military action is expected to be limited (that is, “surgical” airstrikes, no boots on the ground), but there is concern that we may see a broadening of strife in the region. The conflict led to a pop in crude oil prices and a fleeting flight to safety in Treasuries.

Next week, the focus will be on the August Employment Report. Fed policymakers are not going to react to any one data release, but the jobs report is expected to play a major role in the Fed’s decision to begin reducing the rate of asset purchases (and by how much). The markets could react to any surprise in some of the other data releases before Friday.

However, market participants will also watch developments in the crisis with Syria. Congress won’t return until the second week of September, which gives lawmakers a short window to address the budget and the debt ceiling.


Last Last Week YTD return %
DJIA 14840.95 14963.74 13.25%
NASDAQ 3620.30 3638.71 19.90%
S&P 500 1638.17 1656.96 14.86%
MSCI EAFE 1711.89 1735.38 6.73%
Russell 2000 1026.94 1036.20 20.91%

Consumer Money Rates

Last 1-year ago
Prime Rate 3.25 3.25
Fed Funds 0.08 0.15
30-year mortgage 4.51 3.59


Last 1-year ago
Dollars per British Pound 1.550 1.583
Dollars per Euro 1.324 1.253
Japanese Yen per Dollar 98.360 78.750
Canadian Dollars per Dollar 1.053 0.988
Mexican Peso per Dollar 13.296 13.279


Last 1-year ago
Crude Oil 108.80 95.49
Gold 1411.86 1659.08

Bond Rates

Last 1-month ago
2-year treasury 0.39 0.30
10-year treasury 2.76 2.61
10-year municipal (TEY) 4.92 4.60

Treasury Yield Curve – 08/30/2013

Treasury Yield Curve – 08/30/2013

S&P Sector Performance (YTD) – 08/30/2013

S&P Sector Performance (YTD) – 08/30/2013

Economic Calendar

September 2nd

Labor Day Holiday (markets closed)
September 3rd

ISM Manufacturing Index (August)
September 4th

Trade Balance (July)
Fed Beige Book
Motor Vehicle Sales (August)
September 5th

Employment Report (August)
September 6th

ADP Payroll Estimate
Jobless Claims (week ending August 31st)
ISM Non-Manufacturing Index (August)
September 13th

Retail Sales (August)
September 18th

FOMC Policy Decision, Bernanke Press Briefing

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business August 29th, 2013.

©2013 Raymond James Financial Services, Inc. member FINRA / SIPC.

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