Investors were relieved by the Federal Reserve's announcement that interest rates will not be rising any time soon. Relief turned into reward as the S&P 500 and the Nasdaq Composite finished the week at new record highs. In addition to a commitment to not raise rates, inflation - which is at its largest year-over-year increase since 1991 - is under control, according to the Chairman of The Federal Reserve, Jerome Powell.
Economic reports from last week came back mostly negative: •National Activity - better than expectation •Existing Home Sales - better than expectation •New Home Sales - worse than expectation •Manufacturing (Richmond) - worse than expectation •Manufacturing (Kansas City) - worse than expectation •Jobless Claims - worse than expectation •Consumer Sentiment - worse than expectation •Personal Income/Spending - better than expectation This week, investors will look for guidance from economic reports like Pending Home Sales, Manufacturing, Consumer Confidence, Employment, Construction Spending, Vehicle Sales and Jobless Claims.