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The Weekly Market Snapshot from Frazier Allen

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Next week, the focus will be on the Fed Chairman Bernanke’s first post-FOMC meeting press conference. No change is expected at the policy meeting, but investors will be looking for clues about possible future moves from the Fed. The press conference will help Bernanke to seize the narrative on monetary policy before popular misconceptions can form (as happened in 2010). After that, the markets will be interested in the government’s initial estimate of first quarter GDP, which is expected to reflect some slowing in the pace of growth (although a lot will depend on assumptions about foreign trade and inventories).

Indices

  Last Last Week YTD return %
DJIA 12453.54 12285.15 7.57%
NASDAQ 2802.51 2760.22 5.64%
S&P 500 1330.36 1314.52 5.78%
MSCI EAFE 1737.57 1724.81 4.78%
Russell 2000 839.45 827.47 7.12%

Consumer Money Rates

  Last 1-year ago
Prime Rate 3.25 3.25
Fed Funds 0.11 0.20
30-year mortgage 4.48 5.16

Currencies

  Last 1-year ago
Dollars per British Pound 1.640 1.535
Dollars per Euro 1.450 1.343
Japanese Yen per Dollar 82.440 93.280
Canadian Dollars per Dollar 0.954 0.998
Mexican Peso per Dollar 11.626 12.219

Commodities

  Last 1-year ago
Crude Oil 110.85 83.45
Gold 1500.78 1138.83

Bond Rates

  Last 1-month ago
2-year treasury 0.66 0.68
10-year treasury 3.38 3.39
10-year municipal (TEY) 4.77 4.89

Treasury Yield Curve – 4/21/2011 

Treasury Yield Curve – 4/21/2011

S&P Sector Performance (YTD) – 4/21/2011 

S&P Sector Performance (YTD) – 4/21/2011

Economic Calendar

April 25th  —  New Home Sales (March)
April 26th  —  S&P/C-S Home Prices (February)
Consumer Confidence (April)
FOMC Meeting Begins
April 27th  —  Durable Goods Orders (March)
FOMC Meeting
Bernanke Press Conference
April 28th  —  Jobless Claims (week ending April 23rd)
Real GDP (1Q11, advance estimate)
April 29th  —  Employment Cost Index (1Q11)
Personal Income and Spending (March)
Chicago Purchasing managers Index (April)
Consumer Sentiment (April)
May 2nd  —  ISM Manufacturing Index (April)
May 4th  —  ISM Non-Manufacturing Index (April)
May 6th  —  Employment Report (April)

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business April 20th, 2011.

©2011 Raymond James Financial Services, Inc. member FINRA / SIPC.

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