{"id":6995,"date":"2011-06-26T07:00:44","date_gmt":"2011-06-26T12:00:44","guid":{"rendered":"http:\/\/www.discoverclarksville.com\/articles\/?p=6995"},"modified":"2011-06-26T03:22:49","modified_gmt":"2011-06-26T08:22:49","slug":"the-weekly-market-snapshot-from-frazier-allen-42","status":"publish","type":"post","link":"https:\/\/www.discoverclarksville.com\/articles\/2011\/06\/26\/the-weekly-market-snapshot-from-frazier-allen-42\/","title":{"rendered":"The Weekly Market Snapshot from Frazier Allen"},"content":{"rendered":"

\"Weekly<\/p>\n

Market Commentary by Scott J. Brown, Ph.D., Chief Economist<\/span><\/em><\/strong><\/p>\n

\"Scott

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services<\/p><\/div>\n

The Federal Open Market Committee left short-term interest rates unchanged and retained its conditional commitment to keep rates low for \u201can extended period.<\/em>\u201d The FOMC also repeated that its $600 billion asset purchase program will be completed by the end of this month. The FOMC noted that the economic recovery is continuing, but \u201csomewhat more slowly<\/em>\u201d than had been expected. The slower pace of the recovery \u201creflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.<\/em>\u201d<\/p>\n

In his post-FOMC press briefing, Fed Chairman Bernanke said that while Fed policymakers expects growth to pick up into 2012, \u201cwe don\u2019t have a precise read on why this slower pace of growth is persisting.<\/em>\u201d The FOMC lower its expectations of GDP growth for this year (2.7%-2.9%) and next (3.3%-3.7%). The FOMC expects that the unemployment rate will to continue to decline, \u201cbut the pace of progress remains frustratingly slow.<\/em>\u201d<\/p>\n

The economic data reports were consistent with the view of slower economic growth in the near term, but not a contraction. The announcement by the U.S. and others to tap into petroleum reserves helped push oil prices down further (which, if sustained, should help consumer spending growth in the second half of the year).<\/p>\n

With an increased level of uncertainty in the economic outlook, investors will be eager for timely data \u2013 and there will be some important economic releases in the next two weeks. Personal income and spending figures will help fill in the GDP picture for the second quarter. Consumer confidence figures should provide some insight into the state of the household sector. The ISM manufacturing data will be a key component of the near-term outlook for the factory sector. A week from Friday, the June Employment Report arrives.<\/p>\n

Indices<\/h3>\n\n\n\n\n\n\n\n\n
<\/strong><\/td>\nLast<\/strong><\/td>\nLast Week<\/strong><\/td>\nYTD return %<\/strong><\/td>\n<\/tr>\n
DJIA<\/td>\n12050.00<\/td>\n11961.52<\/td>\n4.08%<\/td>\n<\/tr>\n
NASDAQ<\/td>\n2686.75<\/td>\n2623.70<\/td>\n1.28%<\/td>\n<\/tr>\n
S&P 500<\/td>\n1283.50<\/td>\n1267.64<\/td>\n2.06%<\/td>\n<\/tr>\n
MSCI EAFE<\/td>\n1628.03<\/td>\n1631.59<\/td>\n-1.83%<\/td>\n<\/tr>\n
Russell 2000<\/td>\n802.68<\/td>\n781.54<\/td>\n2.43%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Consumer Money Rates<\/h3>\n\n\n\n\n\n\n
<\/strong><\/td>\nLast<\/strong><\/td>\n1-year ago<\/strong><\/td>\n<\/tr>\n
Prime Rate<\/td>\n3.25<\/td>\n3.25<\/td>\n<\/tr>\n
Fed Funds<\/td>\n0.10<\/td>\n0.19<\/td>\n<\/tr>\n
30-year mortgage<\/td>\n4.44<\/td>\n4.73<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Currencies<\/h3>\n\n\n\n\n\n\n\n\n
<\/strong><\/td>\nLast<\/strong><\/td>\n1-year ago<\/strong><\/td>\n<\/tr>\n
Dollars per British Pound<\/td>\n1.598<\/td>\n1.490<\/td>\n<\/tr>\n
Dollars per Euro<\/td>\n1.419<\/td>\n1.226<\/td>\n<\/tr>\n
Japanese Yen per Dollar<\/td>\n80.510<\/td>\n90.110<\/td>\n<\/tr>\n
Canadian Dollars per Dollar<\/td>\n0.981<\/td>\n1.042<\/td>\n<\/tr>\n
Mexican Peso per Dollar<\/td>\n11.872<\/td>\n12.680<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Commodities<\/h3>\n\n\n\n\n\n
<\/strong><\/td>\nLast<\/strong><\/td>\n1-year ago<\/strong><\/td>\n<\/tr>\n
Crude Oil<\/td>\n90.65<\/td>\n75.85<\/td>\n<\/tr>\n
Gold<\/td>\n1519.43<\/td>\n1233.05<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Bond Rates<\/h3>\n\n\n\n\n\n\n
<\/strong><\/td>\nLast<\/strong><\/td>\n1-month ago<\/strong><\/td>\n<\/tr>\n
2-year treasury<\/td>\n0.35<\/td>\n0.37<\/td>\n<\/tr>\n
10-year treasury<\/td>\n2.92<\/td>\n2.94<\/td>\n<\/tr>\n
10-year municipal (TEY)<\/td>\n4.01<\/td>\n4.07<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Treasury Yield Curve \u2013 6\/24\/2011 <\/strong><\/h3>\n

\"Treasury<\/a><\/strong><\/p>\n

S&P Sector Performance (YTD) \u2013 6\/24\/2011<\/h3>\n

\"S&P<\/a> <\/strong><\/h3>\n

Economic Calendar<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n
June 27th<\/strong><\/td>\n\u2014<\/td>\nPersonal Income and Spending (May)<\/td>\n<\/tr>\n
June 28th<\/strong><\/td>\n\u2014<\/td>\nS&P\/Case-Shiller Home Prices (April)
\nConsumer Confidence (June)<\/td>\n<\/tr>\n
June 29th<\/strong><\/td>\n\u2014<\/td>\nPending Home Sales Index (May)<\/td>\n<\/tr>\n
June 30th<\/strong><\/td>\n\u2014<\/td>\nJobless Claims (week ending June 25th)
\nChicago Purchasing Managers Index (June)<\/td>\n<\/tr>\n
July 1st<\/strong><\/td>\n\u2014<\/td>\nConsumer Sentiment (June)
\nISM Manufacturing Index (June)
\nMotor Vehicle Sales (June)<\/td>\n<\/tr>\n
July 4th<\/strong><\/td>\n\u2014<\/td>\nIndependence Day (markets closed)<\/td>\n<\/tr>\n
July 8th<\/strong><\/td>\n\u2014<\/td>\nEmployment Report (June)<\/td>\n<\/tr>\n
July 13th<\/strong><\/td>\n\u2014<\/td>\nBernanke Monetary Policy Testimony<\/td>\n<\/tr>\n
July 29th<\/strong><\/td>\n\u2014<\/td>\nReal GDP (2Q11 advance estimate)<\/td>\n<\/tr>\n
August 9th<\/strong><\/td>\n\u2014<\/td>\nFOMC Meeting (no press conference)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Treasury Yield Curve \u2013 6\/17\/2011<\/h3>\n

\"Treasury<\/a><\/p>\n

S&P Sector Performance (YTD) \u2013 6\/17\/2011<\/h3>\n

\"S&P<\/a> <\/strong><\/p>\n

Economic Calendar<\/h3>\n\n\n\n\n\n\n\n\n\n
June 21st<\/strong><\/td>\n\u2014<\/td>\nExisting Home Sales (May)
\nFOMC Meeting Begins<\/td>\n<\/tr>\n
June 22nd<\/strong><\/td>\n\u2014<\/td>\nFOMC Policy Decision
\nBernanke Press Conference<\/td>\n<\/tr>\n
June 23rd<\/strong><\/td>\n\u2014<\/td>\nNew Home Sales (May)<\/td>\n<\/tr>\n
June 24th<\/strong><\/td>\n\u2014<\/td>\nReal GDP (1Q11, 3rd estimate)
\nDurable Goods Orders (May)<\/td>\n<\/tr>\n
July 4th<\/strong><\/td>\n\u2014<\/td>\nIndependence Day (markets closed)<\/td>\n<\/tr>\n
July 8th<\/strong><\/td>\n\u2014<\/td>\nEmployment Report (June)<\/td>\n<\/tr>\n
July 29th<\/strong><\/td>\n\u2014<\/td>\nReal GDP (2Q11 advance estimate)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Treasury Yield Curve \u2013 6\/10\/2011<\/h3>\n

\"Treasury<\/a><\/strong><\/p>\n

S&P Sector Performance (YTD) \u2013 6\/10\/2011<\/h3>\n

\"S&P<\/a><\/strong><\/p>\n

Economic Calendar<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n
June 14th<\/strong><\/td>\n\u2014<\/td>\nProducer Price Index (May)
\nRetail Sales (May)<\/td>\n<\/tr>\n
June 15th<\/strong><\/td>\n\u2014<\/td>\nConsumer Price Index (May)
\nEmpire State Manufacturing Index (June)
\nIndustrial Production (May)
\nHomebuilder Sentiment (June)<\/td>\n<\/tr>\n
June 16th<\/strong><\/td>\n\u2014<\/td>\nJobless Claims (week ending June 11th)
\nCurrent Account (1Q11)
\nBuilding Permits, Housing Starts (May)
\nPhiladelphia Fed Survey (June)<\/td>\n<\/tr>\n
June 17th<\/strong><\/td>\n\u2014<\/td>\nFConsumer Sentiment (mid-June)
\nLeading Economic Indicators (May)<\/td>\n<\/tr>\n
June 21st<\/strong><\/td>\n\u2014<\/td>\nExisting Home Sales (May)
\nFOMC Meeting Begins<\/td>\n<\/tr>\n
June 22nd<\/strong><\/td>\n\u2014<\/td>\nFOMC Policy Decision
\nBernanke Press Conference<\/td>\n<\/tr>\n
June 23rd<\/strong><\/td>\n\u2014<\/td>\nNew Home Sales (May)<\/td>\n<\/tr>\n
June 24th<\/strong><\/td>\n\u2014<\/td>\nReal GDP (1Q11, 3rd estimate)
\nDurable Goods Orders (May)<\/td>\n<\/tr>\n
July 4th<\/strong><\/td>\n\u2014<\/td>\nIndependence Day (markets closed)<\/td>\n<\/tr>\n
July 8th<\/strong><\/td>\n\u2014<\/td>\nEmployment Report (June)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Treasury Yield Curve \u2013 5\/27\/2011 <\/strong><\/h3>\n

\"Treasury<\/a><\/strong><\/p>\n

S&P Sector Performance (YTD) \u2013 5\/27\/2011 <\/strong><\/h3>\n

\"S&P<\/a><\/strong><\/p>\n

Economic Calendar<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n
May 30th<\/strong><\/td>\n\u2014<\/td>\nMemorial Day Holiday (markets closed)<\/td>\n<\/tr>\n
May 31st<\/strong><\/td>\n\u2014<\/td>\nS&P\/Case-Shiller Home Price Index (April)
\nChicago PM Index (May)
\nConsumer Confidence (May)<\/td>\n<\/tr>\n
June 1st<\/strong><\/td>\n\u2014<\/td>\nChallenger Layoffs (May)
\nADP Payroll Estimate (May)
\nConstruction Spending (April)
\nISM Manufacturing Index (May)
\nMotor Vehicle Sales (May)<\/td>\n<\/tr>\n
June 2nd<\/strong><\/td>\n\u2014<\/td>\nJobless Claims (week ending May 28th)
\nProductivity (1Q11, revised)<\/td>\n<\/tr>\n
June 3rd<\/strong><\/td>\n\u2014<\/td>\nEmployment Report (May)
\nISM Non-Manufacturing Index (May)<\/td>\n<\/tr>\n
June 8th<\/strong><\/td>\n\u2014<\/td>\nFed Beige Book<\/td>\n<\/tr>\n
June 9th<\/strong><\/td>\n\u2014<\/td>\nTrade Balance (April)<\/td>\n<\/tr>\n
June 14th<\/strong><\/td>\n\u2014<\/td>\nRetail Sales (May)<\/td>\n<\/tr>\n
June 15th<\/strong><\/td>\n\u2014<\/td>\nConsumer Price Index (May)<\/td>\n<\/tr>\n
June 21st-22nd<\/strong><\/td>\n\u2014<\/td>\nFOMC Meeting
\nBernanke Press Conference<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Important Disclosures<\/h3>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

\"\"<\/a>Material prepared by Raymond James for use by its financial advisors.<\/p>\n

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 June 23rd, 2011.<\/p>\n

\u00a92011 Raymond James Financial Services, Inc. member FINRA<\/a> \/ SIPC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Market Commentary by Scott J. Brown, Ph.D., Chief Economist The Federal Open Market Committee left short-term interest rates unchanged and retained its conditional commitment to keep rates low for \u201can extended period.\u201d The FOMC also repeated that its $600 billion asset purchase program will be completed by the end of this month. The FOMC noted […]<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[3],"tags":[4066,4067,3059,4068,3695,4069,3060,3061,3062,3063,4071,3064,3065,3066,3697,3698,3067,3068],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p4xGYI-1OP","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/6995"}],"collection":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/comments?post=6995"}],"version-history":[{"count":2,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/6995\/revisions"}],"predecessor-version":[{"id":6997,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/6995\/revisions\/6997"}],"wp:attachment":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/media?parent=6995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/categories?post=6995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/tags?post=6995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}