Stocks, mostly, snapped a three-week losing streak with the S&P 500 adding 0.7% and the Nasdaq Composite advancing 2.3%. However, the Dow Jones logged a second-straight week of losses, down 0.45%. Optimism was fueled by the Jackson Hole speech of the Federal Reserve's Jerome Powell, who spoke about continued economic growth - specifically robust consumer spending and early signs of a recovery in the housing market. Although, he reiterated the central bank’s commitment to bring inflation back down to its 2% goal and gave no clear indication of which way he sees interest rates heading. Investors are hopeful that the Federal Reserve is nearing the end of its rate-hiking cycle.
Economic reports from last week came back mostly positive: •Manufacturing (Richmond) - higher than expectation •Manufacturing (Kansas City) - higher than expectation •Existing Home Sales - lower than expectation •New Home Sales - higher than expectation •National Economic Activity - higher than expectation •Jobless Claims - lower than expectation This week, investors will look for guidance from economic reports like Manufacturing, Housing, Job Openings, Employment, Vehicle Sales, Construction Spending and Jobless Claims.