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U.S. equities bide time in light holiday-week trading



November 25, 2015

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U.S. equity markets were quiet during this holiday-shortened week. The S&P 500 Index was flat for the first two days of the week amid light trading. In Europe, stocks rallied on November 25 after falling sharply the day before, as the downing of a Russian fighter jet by the Turkish military unnerved investors.

William Riegel, Chief Investment Officer, TIAA Investments


Article Highlights

Fixed income

The 10-year Treasury yield hovered around 2.25% during the week and has stayed in a range between 2.24% and 2.34% for most of November. As with U.S. equities, fixed-income markets were mostly uneventful, although Treasuries fared slightly better than investment-grade spread sectors, high-yield corporate bonds, and emerging-market debt.

Current updates are available here.

U.S. GDP growth is revised higher, while other data is mixed

The government raised its estimate of third-quarter GDP growth from 1.5% to 2.1%, in line with our expectations. Details of the report showed that a strong upward revision in inventory spending more than offset small downward revisions in other spending categories.

Among the other reports:


Supported by some positive economic reports, the S&P 500 Index continues to move higher in spite of recent geopolitical tensions in the Middle East. Domestic companies with greater international exposure are doing better, bolstered by improving overseas economies. In the Eurozone, for example, a gauge of manufacturing and service-sector activity enjoyed its fastest rate of growth in more than four years. Meanwhile, a slowdown in the dollar’s rise is making U.S. goods more competitive in foreign markets.

The next Weekly Market Update will be published on Friday, December 4.

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Weekly Market Perspective