Stocks have notched a four-week winning streak. Last week, the Dow Jones gained 1.27%, the S&P 500 advanced 1% and the Nasdaq Composite added 0.89%. This is the longest winning streak for the S&P 500 and Nasdaq since June and, for the Dow Jones, the longest winning streak since April. Investors continue to be hopeful that inflation will keep cooling and that the Federal Reserve will stop raising interest rates.
Economic reports from last week came back mostly positive:
•Existing Home Sales - lower than expectation
•Consumer Sentiment - higher than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Housing, Manufacturing, Consumer Confidence, Personal Income, Construction Spending and Jobless Claims.