Despite inflation hitting a 39-year high, the S&P 500 closed at a record on Friday. Last week, the Dow Jones Industrial Average was up 4%, the S&P 500 was up 3.8% and the Nasdaq Composite added 3.6% - one of the best weeks for stocks this year.
Economic reports from last week came back mostly positive: •Labor Productivity & Costs - better than expectation •Consumer Credit - worse than expectation •Job Openings - better than expectation •Jobless Claims - better than expectation •Inflation - worse than expectation •Consumer Sentiment - better than expectation This week, investors will look for guidance from economic reports like Small Business Optimism, Manufacturing, Housing and Jobless Claims.