The Week In Review


The major averages pulled back, snapping a six day winning streak for the S&P 500 after the Federal Reserve paused their interest rate hikes on Tuesday thanks in part to some recent encouraging inflation data. The S&P 500fell 16 points or 0.37%. The Dow Jones Industrial Average slipped 108 points, or 0.32%, to close at 34,299. The Nasdaq Composite 93 points or 0.68% to finish the session at 13,689.

The major averages started to the upside on Friday thanks to some encouraging inflation and economic data. Consumer inflation expectations fell in June, with one-year assumptions for price pressures declining to 3.3% from 4.2% in May. The headline reading from the University of Michigan Survey of Consumers came in at 63.9, higher than estimates of 60.2 from Dow Jones.

Part of the choppiness today was due to option expiration for June. Today was also the final trading day before a long weekend, with the market closed Monday in observation of Juneteenth.

For the week, the S&P 500 rose 2.6%, its best performance since March and its fifth positive week in a row, the first such streak since November 2021. The benchmark is now up more than 26% from its bear market low. The Nasdaq Composite is up about 3.3% on the week, its best week since March.

The Nasdaq is up eight weeks in a row, its best winning streak since 2019. The Dow Jones Industrial Average was up nearly 1.3% for the week, its third positive week in a row.


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