The Strength of the Market is: Strong
On the month, the S&P 500 and Dow Jones are up 5%, while the Nasdaq is up 4%. All three major stock indexes have finished higher for three straight weeks. Last week, investors felt some added confidence from strong corporate earnings and positive jobs numbers. Still, things may seem a little uncertain due to inflation, labor shortages and potential changes to monetary policies.
Economic reports from last week came back mostly positive: •Homebuilder Sentiment - better than expectation •Existing Home Sales - better than expectation •New Residential Construction - worse than expectation •Manufacturing (Philadelphia) - worse than expectation •Jobless Claims - better than expectation This week, investors will look for guidance from economic reports like Manufacturing, Home Prices, New & Pending Home Sales, Consumer Confidence & Sentiment and Jobless Claims.