Last week, stocks were up - the S&P 500 and the Nasdaq Composite were each up more than 1% each, while the Dow Jones gained 0.7%. The S&P 500 has closed at a record high for five straight trading days, the longest streak of its kind since November 2021. The latest economic data added to a positive picture of the economy - good inflation and strong GDP data bolstered investors’ hopes that the economy has avoided a deep recession.
Economic reports from last week came back mostly positive:
•Gross Domestic Product - higher than expectation
•New Home Sale - higher than expectation
•Pending Home Sales - higher than expectation
•Personal Income - in-line with expectation
•Jobless Claims - higher than expectation
This week, investors will look for guidance from economic reports like Manufacturing, Housing, Consumer Confidence & Sentiment, Job Openings, Employment, Labor Productivity, Construction Spending, Vehicle Sales and Jobless Claims.