The S&P 500 closed above the key 5,000 level as strong earnings and economic news chugged on. Last week, the S&P added 1.4%, while the Nasdaq gained 2.3% and the Dow Jones finished flat - all notching their fifth straight winning week and 14th positive week in 15. A solid corporate earnings season, easing inflation data and a resilient economy have charged 2024′s market rally.
Economic reports from last week came back mixed:
•Consumer Credit - lower than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Small Business Optimism, Inflation, Manufacturing, Retail Sales, Housing, Consumer Sentiment and Jobless Claims.