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Strength of the Market
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The Strength of the Market is: Strong

Both the S&P 500 and Dow Jones surged to new record highs on Friday, sealing six straight weeks of gains - the longest string of weekly advances in 2024. Last week, the Dow Jones was up 0.96%, the S&P 500 was 0.85% higher and the Nasdaq climbed 0.80%. Corporate Earning season continued with more than 70 S&P 500 companies reporting. Of those, 75% have beaten Wall Street's expectations. Increased volatility in financial markets is expected leading up to the election. Though, stocks could easily continue to rally through November.

 

Economic reports from last week came back mixed:

•Manufacturing (New York) - lower than expectation

•Manufacturing (Philadelphia) - higher than expectation

•Retail Sales - higher than expectation

•Homebuilder Sentiment - higher than expectation

•New Residential Construction - lower than expectation

•Jobless Claims - lower than expectation

 

This week, investors will look for guidance from economic reports like Manufacturing, Housing, National Economic Activity, Consumer Sentiment and Jobless Claims.

 
 
 

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