Description: The article is about fifth third login. The passage mainly talks about the big economic news happened in last week. The S&P 500 index gained for the fourth week in a row eclipsed concerns about trade spurred by Trump administration officials.
I’m senior portfolio manager with Fifth Third Bank. The S&P 500 index gained for the fourth week in a row as strong earnings eclipsed concerns about trade spurred by Trump administration officials,their comments in Davos Switzerland helped to push the dollar to its worst week in eight months.
U.S. large cap stocks are having a strong start to the year,now it is already up over seven percent year-to-date,meanwhile ten-year bond yields reached the highest level in more than three years finishing a week at two point six five percent. Last week,a report showed that the US economy expanded as slower than projected pace in the fourth quarter on drags from trade and inventories offsetting strength,consumer spending and business investment.
Gross domestic product Roza 2.6 percent annualized rate after a 3.2 percent expansion in the third quarter of last year. While the report dashed expectations for the longest streak of three percent or better growth since 2005. 2017 was the best year for economic growth since 2014. With a pick up inflation,this will likely keep the Federal Reserve on track to raise interest rates again in the coming months.
Tepid US growth weighed on the US dollar led the currency to its worst weekly performance in eight months,the greenback fell to a three-year low wiping out the boost from president Trump’s endorsement of a strong currency. Oil extended its three-year high as a record stretch of declines in u.s. stockpiles added to signs that global markets are burning up a chronic surplus. The price of WTI crude is $66 a barrel.
We have a relatively busy economic calendar in the week ahead. On Monday,we will get personal income and personal spending which will give us a glimpse into the health of the US consumer. On Wednesday,we will get the first FOMC rate decision of the 2018 calendar year,the committee is expected to leave rates unchanged following the rate hike in the last meeting back in mid-December.
On Thursday,we will get a slew of manufacturing data with manufacturing PMI and the eyes Manufacturing report. On Friday,we will end the week with factory orders and durable goods,we will get the January jobs report. Expectations are calling for another 190,000 new jobs added to the economy,the unemployment rates will remain unchanged at 4.1 percent.