October ended with another round of record highs for the US stock market. Stocks had their best month of the year and have been up for 4 straight weeks. Next up, investors will be closely watching the progress of the social spending and infrastructure legislation packages. The additional trillions of spending will not add to our current inflation problems, according to Treasury Secretary Janet Yellen.
Economic reports from last week came back mostly positive: •Manufacturing (Dallas) - better than expectation •Manufacturing (Richmond) - better than expectation •Manufacturing (Kansas City) - better than expectation •Single-Family House Values - worse than expectation •New Home Sales - better than expectation •Pending Home Sales - worse than expectation •Consumer Confidence - better than expectation •Consumer Sentiment - better than expectation •Personal Income - worse than expectation •Jobless Claims - better than expectation This week, investors will look for guidance from economic reports like Construction Spending, Vehicle Sales, Employment, Jobless Claims and Consumer Credit.