The Strength of the Market is: Strong
2023′s comeback rally pressed on. Better-than-expected economic growth fueled another winning week for stocks - the Dow Jones gained 2.2%, the S&P 500 was up 2.9% and the Nasdaq increased by 4.7%. On Wednesday afternoon, the Federal Reserve will announce their latest decisions on interest rates, which could either add extra fuel to the January stock rally or distinguish it.
Economic reports from last week came back mostly positive: •Manufacturing (Richmond) - lower than expectation •New Home Sales - higher than expectation •Pending Home Sales - higher than expectation •Consumer Sentiment - higher than expectation •Jobless Claims - lower than expectation This week, investors will look for guidance from economic reports like Manufacturing, Housing, Consumer Confidence, Employment, Job Openings, Vehicle Sales, Labor Productivity, Construction Spending and Jobless Claims.