As investors digested new data that pointed to further progress in lowering inflation, the Dow Jones reached another record high and three straight positive weeks. Last week, the S&P 500 and the Dow Jones rose about 0.6% and the Nasdaq advanced nearly 1%. With encouraging inflation data, a strong labor market and a robust second-quarter GDP, financial markets can very easily continue to go up.
Economic reports from last week came back mixed:
•National Economic Activity (Chicago) - higher than expectation
•Single-Family Home Values - higher than expectation
•Pending Home Sales - lower than expectation
•New Home Sales - higher than expectation
•Consumer Sentiment - higher than expectation
•Personal Income - lower than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Manufacturing, Construction Spending, Vehicle Sales, Employment, Job Openings and Jobless Claims.
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