Following a 19% loss in 2022, the S&P 500 roared back last year, posting a 24% gain as the economy sidestepped a recession and inflation reduced enough for the Federal Reserve to pause its interest rate hikes. And, on Friday, the S&P 500 closed at an all-time high. Now, the question is can the stock market maintain its growth momentum in 2024?
Economic reports from last week came back mixed:
•Manufacturing (New York) - lower than expectation
•Manufacturing (Philadelphia) - lower than expectation
•Retail Sales - higher than expectation
•Consumer Sentiment - higher than expectation
•Existing Home Sales - lower than expectation
•New Residential Construction - higher than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Manufacturing, Personal Income, Housing and Jobless Claims.