Stocks rebounded off their bear market lows with their first weekly advance since May. A big comeback week had the S&P 500 up nearly 6.5%, while the Nasdaq Composite gained 7.5% and the Dow Jones going 5.4% higher. As investors consider if this is the market bottom, stocks snapped a three-week losing streak. Still, many on Wall Street maintain a gloomy outlook. Rising recession risks and poor expected corporate earnings could take the stock market even lower.
Economic reports from last week came back mixed: •Existing Home Sales - better than expectation •New Home Sales - better than expectation •Consumer Sentiment - worse than expectation •Jobless Claims - worse than expectation This week, investors will look for guidance from economic reports like Housing, Manufacturing, Consumer Confidence, Personal Income, Construction Spending and Jobless Claims.