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Clarksville Weekly Market Snapshot from Frazier Allen for the week of April 19th, 2015

F&M Investment Services - Raymond James - Clarksville, TNClarksville, TN – The economic data reports were mixed. Retail sales picked up in March, following a weak trend in the three previous months. Industrial production fell 0.6%, reflecting a plunge in oil and gas drilling and a decrease in the output of utilities (more normal temperatures).

Manufacturing output edged up 0.1%, with mixed results across industries. Building permits and housing starts fell in March, largely reflecting the usual volatility in the multi-family sector. Single-family permits, the key figure in the report, rose 2.1% (up 4.1% y/y).

Frazier Allen
Frazier Allen

The Consumer Price Index rose 0.2% (-0.1% y/y), up 0.2% excluding food and energy (+1.8% y/y). Real hourly earnings edged up 0.1%, versus -0.1% in February and +1.2% in January (+2.2% y/y).

The financial markets seemed to be searching for direction. In its revised World Economic Outlook, the IMF left its headline projection of global growth little changed from the January forecast. However, the outlook for U.S. growth was revised lower (from +3.6% to +3.1% in 2015), while the outlooks for the euro area and Japan were revised higher (reflecting the impact of a stronger dollar). Rumors of possible plans for a Greek exit from the euro led to increased market anxiety Friday.

Next week, Greece is once again likely to be the focus of attention, as it reaches another critical juncture. We’ve seen this several times before (the can gets kicked down the road), but those calling for a Grexit have become more vocal. The U.S. economic calendar is relatively thin, but figures on home sales and durable goods are often erratic and have the potential to surprise.

Indices

Last Last Week YTD return %
DJIA 18105.77 17958.73 1.59%
NASDAQ 5007.79 4974.57 5.74%
S&P 500 2104.99 2091.18 2.24%
MSCI EAFE 1912.32 1895.75 7.74%
Russell 2000 1272.90 1259.11 5.66%

Consumer Money Rates

Last 1 year ago
Prime Rate 3.25 3.25
Fed Funds 0.13 0.08
30-year mortgage 3.65 4.27

 Currencies

Last 1 year ago
Dollars per British Pound 1.491 1.679
Dollars per Euro 1.071 1.384
Japanese Yen per Dollar 118.990 102.260
Canadian Dollars per Dollar 1.227 1.100
Mexican Peso per Dollar 15.227 13.059

 Commodities

Last 1 year ago
Crude Oil 56.71 103.76
Gold 1208.06 1303.97

 Bond Rates

Last 1 month ago
2-year treasury 0.51 0.58
10-year treasury 1.90 1.94
10-year municipal (TEY) 3.04 3.36

 Treasury Yield Curve – 04/17/2015

 Treasury Yield Curve – 04/17/2015

S&P Sector Performance (YTD) – 04/17/2015

S&P Sector Performance (YTD) – 04/17/2015

Economic Calendar

April 22nd Existing Home Sales (March)
April 23rd Jobless Claims (week ending April 18)
New Home Sales (March)
April 24th Durable Goods Orders (March)
April 28th Consumer Confidence (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 16th, 2015.

©2014 Raymond James Financial Services, Inc. member FINRA / SIPC.

Frazier Allen
Frazier Allenhttp://www.raymondjames.com/frazierallen
Frazier Allen, WMS, CRPS, Financial Advisor with F&M Bank 50 Franklin Street | Clarksville, TN 37040 | 931-553-2048
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