Stocks registered an eighth straight winning week as Wall Street extended its year-end rally. Last week, the S&P 500 advanced by 0.8%, the Dow Jones added 0.2% and the Nasdaq jumped 1.2%. With inflation data continuing to move lower, the holiday rally looks like it will bode well for investors moving into 2024.
Economic reports from last week came back mixed:
•New Residential Construction - higher than expectation
•Existing Home Sales - higher than expectation
•New Home Sales - lower than expectation
•Consumer Sentiment - higher than expectation
•Personal Income - in-line with expectation
•Manufacturing (Philadelphia) - lower than expectation
•Jobless Claims - lower than expectation
In a holiday-shortened week, investors will look for guidance from economic reports like Housing, Manufacturing, National Economic Activity and Jobless Claims.