HALFTIME HIGHS... Thanks to de-escalating trade tensions and resilient economic data, the S&P 500 and Nasdaq finished the first half of the year at all-time highs, and both are now up by nearly 7% year-to-date.
The holiday-shortened week ended with a solid, better-than-expected 147,000 jobs added in June, unemployment ticking down to 4.1%, a big pickup in business spending in May, and the huge services sector back in growth mode.
Encouraging news included a trade deal with Vietnam, reports of Canada’s efforts to renew negotiations with the U.S., and speculation that other trade deals, including one with the EU, could come soon.
The week ended with the Dow UP 2.3%, to 44,829; the S&P 500 UP 1.7%, to 6,279; and the Nasdaq UP 1.6%, to 20,601.
Bonds declined a bit overall, the 30-Year UMBS 5.5% slipping 0.09, to 99.21. In Freddie Mac’s weekly survey, the national average 30-year fixed mortgage rate fell again, to below its level a year ago. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… The National Association of Realtors says nearly half of all home sales now involve seniors—baby boomers account for 42% of buyers, while millennials make up only 29%, down from 38% a year ago.