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Compass Financial Advisors

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 View from the Observation Deck  

 After selling-off to begin the holiday-shortened week, stocks roared higher to finish the week in the green, as concerns subsided over the pace of future interest rate increases. Investors continue to weigh the accelerating pace of economic growth and another strong earnings season against the prospects of higher inflation and interest rates. In economic news, new-home construction for January reached the highest level since October 2016, buoyed by a strong labor market and consumer confidence. In earnings news, a number of consumer stocks reported results for the fourth quarter.

 Treasury prices were mixed and mostly flat over the course of the week as the Federal Reserve released the minutes from the January meeting and amid uncertainty in the Italian election. The central bank's minutes were released Wednesday with comments that were read to be more "hawkish" by investors. The Fed saw muted risks of the economy overheating and that the outlook for future growth raises the risk for inflation, meaning that additional rate hikes during the year may be needed.

 View from the Observation Deck  

 View from the Observation Deck  

 After giving up the year's gains to start the month, the S&P 500 returned 4.4% last week to put the index back in positive territory for the year. U.S. stocks had their best week in five years and the dollar rose from a three-year low. Volatility is a key concern for investors, as the steady upward climb of 2017 has not carried over into 2018. News out of Washington rattled the markets late Friday afternoon when U.S. Special Counsel Robert Mueller announced an indictment against 13 Russian nationals for interfering with the 2016 election.

 Short-term Treasury yields rose sharply last week as investors reacted to stronger than expected inflation data. January's reading for Core CPI, which excludes volatile food and energy prices, came out at 0.3% on Wednesday, beating the median consensus of 0.2%. This was the largest monthly increase in over a year and the acceleration has boosted the three-month annualized core CPI to 2.9%. The Producer Price Index report on Thursday also showed prices climbing higher than expectations, with the year-over-year reading rising to 2.2%, excluding food and energy.

 View from the Observation Deck  

Bob Carey, Chief Market Strategist at First Trust Advisors L.P., discusses the latest developments in the market and takes a look ahead 

 View from the Observation Deck  

 The S&P 500 had a -3.82% return last week, the worst weekly return since January 2016. While equity returns were poor last week, the index still has a gain of over 3.4% for the year. Despite strong payroll and wage growth numbers, equity markets fell as some earnings announcements disappointed and the odds of a Fed rate hike grew. Earnings season was in full swing last week with 118 components of the S&P 500 announcing quarterly results. Apple Inc. saw its shares slide over 6% after the company announced lukewarm iPhone X sales.

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Securities offered through Harbour Investments, Inc.,
member FINRA/SIPC. http://www.finra.org/
http://www.sipc.org/about-sipc

Investment Advisory Services offered through
Compass Financial Advisors, LLC,
a registered Advisor. 
Compass Financial Advisors, LLC &
Harbour Investments, Inc.
are separate entities.

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