Blog: Alaska's Eye on Wall Street
Blogs 2011
03/26/12Week in Review, March 26It was a light week for data and news. In the U.S., stocks lost some ground as the S&P 500 ended the week just under 1400, down -0.5%. Overseas, the European Stoxx 50 was off -3.2% while the Shanghai index fell -2.3%. Ten year treasury yields fell over the week to 2.23% after having reached the highest level (2.38%) in four months on March 19. |
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03/23/12Week in Review, March 16Bond yields moved sharply higher last week. The 10 year Treasury ended the week at 2.29%, up 27 basis points. Stocks climbed during the week to new highs for the year. The S&P 500 rose to levels last seen in June 2008 and the tech heavy Nasdaq composite index closed above 3,000 for the first time in 12 years. The S&P was up +2.5% for the week and +12.2% YTD. |
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03/12/12Week in Review, March 12Foreign stock markets fell midweek on rumors of a possible disorderly Greek default (proved false) and some softening in Asian growth. The Euro Stoxx 50 was off -1.9%. The U.S. markets were flat with the S&P 500 closing at 1371, about where it began the week. Treasury bonds sold off slightly with the 10 year up 5 bp to yield 2.03%. |
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03/05/12Week in Review, March 5Beware the Ides of March. I just had to say it. Sorry. Seriously, the rollover of Greek debt maturities will be a March 20 event and the country is still waiting for funds from the IMF and other European nations. The markets seem to have gotten over Greece and European woes. The LTRO from the ECB was a game changer in providing liquidity to the European banking system. This week, banks took down $700 billion of the three year 1% loans from the ECB. |
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03/01/12Week in Review, Feb. 27The stock market managed another gain during the holiday shortened trading week. The S&P 500 rose +0.3% last week and has produced a total return of +8.96% YTD. Bonds were mostly unchanged for the week, with the longer end of the curve falling 3 to 5 basis points. The ten year Treasury closed the week back below 2% at a 1.98% yield. |
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02/20/12BLOG: Eye on Wall Street: Markets off to a good start in 2012We are starting 2012 on the right foot as the global equity markets are off to their best start in 18 years, according to Bloomberg. Better U.S. economic data, a round of liquidity from global central banks (including the Fed), and signs of improvement in Europe have been catalysts. It also looks like inflation is cooling here and abroad. The accompanying table details the results of the markets in January. |
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02/20/12Week in Review, Feb. 20Stocks rose last week, marking the 6th week of advances in the past 7 weeks. The S&P 500 returned +1.5% for the week and is now up +8.2% YTD. Bonds were mostly flat, with the 10 year Treasury yield closing at 2.00% on Friday. International stocks also did well last week - Japan's Nikkei was up +4.9%, Hong Kong shares increased +3.4%, and European stocks rose +1.9%. |
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02/13/12Week in Review, Feb. 13Stocks lost some ground last week. The S&P 500 shed -0.17% and is now up +6.76 YTD. Bond yields rose slightly with the 10 year Treasury up 6 bps, to yield 1.99%. By the way, three month Treasury bills now yield an eye popping 0.08% - that's up from 0.01% at year end! |
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02/06/12Week in ReviewOkay, we want the Giants to win on Sunday. Remember if an original NFL team wins (Giants) stocks rise and if an old AFL team wins (Patriots) stocks fall. It has worked 79% of the time! Of course, the last time the Giants beat the Patriots in the Super Bowl was 2008. That didn't work out so well now did it? |
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01/23/12Week in Review, Jan. 23, 2012The S&P 500 gained +1.5% to 1,315 last week and is up +4.6% YTD. Stocks throughout the world are on a tear so far this year. Chinese stocks are up +5.4%, Brazil +9.8%, European names (Stoxx 50) have gained +4.8%. U.S. bonds however have declined in price as yields jumped 15 bp on the 10 year Treasury last week to a 2.03% yield. Better U.S. economic news and less angst in Europe are causal factors. |
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01/19/12Week in Review, Jan. 16, 2012The S&P 500 stocks rose +0.9% to 1,289 last week while the yield on 10 year treasuries fell 10 bp to 1.86%. Stocks are up +2.6% in the U.S. so far this year. |
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01/09/12Week in Review, Jan. 9, 2012The equity markets started the year off on the right foot. The S&P 500 gained +1.6% last week to end at 1,278. Across the pond, the European Stoxx 600 was up +1.2%. Yields climbed almost 10 bp on 10-year U.S. Treasury bonds to 1.96%. |
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01/06/12Week in Review, Dec. 30, 2011Stocks ended a holiday shortened week up +0.3% with the S&P 500 closing at 1,258 - about where it started the year. That brings the total return (including dividends) on the S&P 500 to +2.2% for 2011. |
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12/12/11Week in Review, Dec. 12, 2011U.S. stocks managed a +0.9% gain last week as the S&P 500 settled in at 1,255. YTD it is up +1.8%. The yield on 10 year Treasuries rose slightly to 2.06%. European stocks lost ground earlier in the week but rallied later on positive news from the EU summit on Friday (it's the 15th summit in 23 months). The Stoxx 50 was flat for the week. EU leaders (except for Great Britain which opted out) agreed to a new deal on economic governance including : Limit budget deficits to 3% of GDP and debt to 60% of GDP with various automatic enforcement mechanisms if these country guidelines are violated. (This sounds a lot like the Maastricht deal negotiated in 1992, but I guess this time they mean it!) Submit country budgets to the European Commission which may demand... |
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12/05/11Week in Review, Dec. 5, 2011Well that was nice. Just when the month looked dreadful for stocks, major central banks swooped in on November 30 cutting rates across the globe. Stocks soared. The Dow was up almost 500 points last Wednesday, its biggest one day move since March 2009. For the week the S&P 500 jumped +7.4% and was flat for the month of November. Meanwhile, 10 year treasuries sold off as yields rose to 2.05%. Overseas markets reacted as well. Chinese stocks jumped +6% in one day. The Stoxx 50 index of European stocks gained +11% last week. Japan lagged, up only +5.9% for the week. BCA opined that the "coordinated move by seven major central banks, including the cut to the reserve requirement ratio by the People's Bank of China, represents a significant step on the road toward... |
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11/28/11Week in Review, Nov. 28, 2011There was not much to be thankful for in the stock market last week as the S&P 500 posted its worst performance for a Thanksgiving week since 1932. |
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11/22/11Week in Review, Nov. 21, 2011The stock market roller coaster of recent months continued last week with the S&P 500 ending the week down -3.81%. The bond market was relatively calm for the week, with the 2 year Treasury dropping three basis points in yield to 0.27% and the 10 year Treasury rising three basis points to yield 2.18%. |
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11/14/11Week in Review, Nov. 14, 2011It was another tumultuous week in the markets as Greece and now Italy's debt crisis took center stage with old leaders out and new, more "technocratic" ones ready to take charge. Italian bonds (10 year) hit their highest yield levels (+7%) since the introduction of the euro ten years ago. |
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11/07/11Week in Review, Nov. 7, 2011Another volatile week as stocks have been buffeted by back and forth information on Europe, especially Greece's on again off again "referendum" on acceptance of EU bailout funds and austerity budgets. |
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10/31/11Week in Review – Oct. 31, 2011Stocks rose sharply last week with the S&P 500 up +3.8%. It is on track to have its best October since 1974 as it has rallied +13.7% so far this month. All of the equity market did better (European Stoxx 50 up +5.3% for example) while "safe haven" Treasuries sold off. Ten year bonds now yield 2.31% - their highest level since early August. |
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10/23/11Week in Review Oct. 24, 2011Stocks were a bit mixed last week with both the Dow and S&P 500 up just over +1% and the tech heavy NASDAQ down -1.1%. Still, the S&P 500 is up +9.6% so far in October! Bonds tread water, with the ten year Treasury trading around 2.22%. |
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10/16/11Week in Review, Oct. 17, 2011Stocks rallied across the board on better news out of Europe and for the U.S. economy. The S&P 500 gained +6.0%. It is up +8.2% month to date, and off only -1.05 % year to date. |
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10/10/11Week in Review - Oct. 10, 2011Stocks rallied with the S&P 500 closing at 1155, up 2.1% for the week. European stocks as measured by the Stoxx 50® finally showed some life gaining 4.1%. Bonds sold off 30 basis points (10 year Treasury at 2.07%, 30 year at 3.01%) on signs of marginally better US economic data. |
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10/04/11Week in ReviewS&P 500 stocks sold off Friday and lost -0.4% this past week. They were down -13.8% in the third quarter and are now down -8.7% year to date. The yield on the 10-year Treasury rose slightly to 1.92%,but remains near historic lows. |
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09/19/11Week in Review - Sept. 19, 2011Five straight days of gains had stocks (S&P 500 at 1,216) up +5.4% last week. That brings the YTD price performance to -3.3%. Hard hit European stocks gained +4.1% last week. Still, the Stoxx 50 is down a whopping -22.6% YTD. The 10 year Treasury ended the week at 2.05% up 13bp (but down 122bp in yield YTD). The markets got a boost when central banks throughout the world acted in a coordinated fashion to ensure European banks had access to dollar funds. (Ironically this is coming almost exactly 3 years after the Lehman bankruptcy shook the world financial system). See the article below. Holy rogue trader Batman! UBS revealed that unauthorized trading had cost the bank $2 billion. The individual came from the "back office" and used that knowledge of the banks... Posted at 02:38 PM | Permalink |
