ETF Tracker Newsletter For December 8, 2017
ETF Tracker StatSheet
NEW RECORDS POWERED BY JOBS REPORT
[Chart courtesy of MarketWatch.com]
- Moving the markets
The headline report about the latest jobs numbers showing an improvement in November, 228k created vs. 200k expected, was enough to power the major indexes higher with both the Dow and S&P 500 ending the week in record territory. The tech sector closed down for the second week in a row.
Never mind that Consumer Confidence tumbled for the second month in a row. Never mind that wage growth disappointed and never mind that the bulk of the job growth took place in minimum-paying jobs. And yes, in case you were wondering, waiters and bartenders did hit a new all-time high of 11.783 million in November.
None of that was relevant as we’re back to the “any news is good news” scenario. Of course, our ETF space benefited as we saw all green numbers with only one exception. Heading the winners were the Emerging Markets (SCHE) with +1.03%, followed by Financials (XLF) with +0.61% and MidCaps (SCHM) with +0.59%. Not participating in this rally were Semiconductors (SMH), which gave back -0.46%.
Interest rates rose modestly with the yield on the 10-year bond adding 1 basis point to close the week at 2.38%, while the more volatile high-yield sector (HYG) held steady. Gold slipped again and lost -2.5% over the past 5 trading days, which was its biggest drop in 7 months. The US Dollar (UUP) added +0.16% and had its first 5-day win streak since March.