Stocks were up for a second straight week - The Dow Jones was up 0.7%, the S&P 500 advanced 1.3% and the Nasdaq rose 2.4%. With financial markets up last week, investors still remain uncertain about interest rates, as Federal Reserve chairman, Jerome Powell, suggested the need for more intervention to fight inflation. Moving closer to year end, economic growth will likely slow down with inflation coming down little by little.
Economic reports from last week came back mixed:
•Consumer Credit - lower than expectation
•Consumer Sentiment - lower than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Small Business Optimism, Inflation, Manufacturing, Retail Sales, Housing and Jobless Claims.