The Dow Jones closed last week above the key 40,000 level for the first time in history. Stocks finished last week strong - the Dow Jones was up 1.2%, notching its fifth straight weekly gain, the S&P 500 climbed 1.5% and the Nasdaq rose 2.1%, their longest winning streaks since February. The combination of economic growth and decelerating inflation might be the perfect catalyst for this stock rally to continue.
Economic reports from last week came back mostly negative:
•Small Business Optimism - higher than expectation
•Inflation (Producer) - higher than expectation
•Inflation (Consumer) - in-line with expectation
•Manufacturing (New York) - lower than expectation
•Manufacturing (Philadelphia) - lower than expectation
•Retail Sales - lower than expectation
•New Residential Construction - lower than expectation
•Jobless Claims - higher than expectation
This week, investors will look for guidance from economic reports like Manufacturing, Housing, Consumer Sentiment and Jobless Claims.
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