With a week subdued by a day of mourning, traders hoped market volatility would follow suit: it did not. In less than three trading sessions the S&P 500 traded down five percent, the Dow Jones Industrial Average lost more than 1,400 points and small cap stocks lost 6 percent.
Trade concerns weighed on stocks this week resulting in a 1 percent decline for the S&P 500, and the Dow Jones Industrial Average falling close to 2 percent. Large-cap industrial stocks have taken the brunt of the pain due to their exposure to export markets, as well as increasing steel and aluminum costs due to recent tariffs.
Stocks picked up where they left off in 2017, rising across market caps and geographies for each of the first four trading days of the new year. The Dow Jones Industrial Average eclipsed the 25,000 mark this week and it took just 23 trading days to gain its latest 1,000 points—the fastest such gain in index history.
The slow creep higher in the markets continued this week. The S&P 500 finished the week up 0.12 percent with financials stocks leading the way, up 2 percent. The ADP jobs report on Wednesday and the nonfarm payroll today gave us “not too hot, not too cold” readings.