Equities moved higher on the week to cap off a strong year. The S&P 500 was up 1.2% on the week, whereas the Russell 2000 Index of small caps pulled back 1.3%.
The housing market continues to be hot. In November, 6.690 million existing homes were sold. This number compares favorably to the expected 6.685 million. Construction on 1.547 million homes began in November as measured by the housing starts number, which is also stronger than the expected 1.525 million.
Equities inched up on the week with the S&P 500 gaining 0.80%. Small caps continue to perform well following a stellar November. They gained 2.7% on the week. The NASDAQ also did well with gains outpacing the broader S&P 500, which was held back by a pause in energy stocks.
Purchasing Manager Index (PMI) numbers for November were released this week. The positive momentum from last month continued into November. The reading of 58.6 for the PMI Composite indicates the economy continues to expand.
The S&P 500 finished the week up 1.1% and outpaced emerging market equities. Small caps cooled and the NASDAQ led the week. The Bloomberg Barclays Aggregate Bond Index was down 0.2%.