Markets
The post-Memorial Day trading week was short but potent, as stocks delivered more record gains while confidence grew that a peace deal would materialize.
The Standard & Poor’s 500 Index advanced 1.43 percent, while the Nasdaq Composite Index gained 2.39 percent. The Dow Jones Industrial Average climbed 0.90 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.99 percent.¹ ²
Ninth Straight Week for the S&P – The Energizer Bunny Keeps Going
Stocks got off to a good start as the chipmaker-led rally continued to support the broader market, while the White House reported diplomatic progress on a Middle East peace deal.³
Leadership shifted somewhat midweek, with the Dow rising modestly to a new record close as oil prices fell.⁴
The S&P and Nasdaq opened higher Thursday on upbeat economic news. Both posted solid gains, while the Dow Industrials moved sideways.⁵
Stocks wrapped up the week and the month on positive notes. Sliding oil prices and technology gains helped push all three averages to record intraday and closing highs, including the Dow cracking the 51,000 mark for the first time.
Economic Updates
It was a mixed bag of economic news last week, with four key April data points released on Thursday.
The Fed’s preferred inflation measure came in cooler than expected. The Personal Consumption Expenditures (PCE) Index rose 0.4 percent in April, less than the 0.5 percent expected. Annual PCE rose 3.8 percent.6
The Gross Domestic Product report showed the economy grew more slowly in the first quarter than initially estimated, with growth revised down to an annualized rate of 1.6 percent.⁷
In a positive sign for manufacturing, durable goods orders rose 7.9 percent in April, double the expected pace and the largest increase in nearly a year. The primary reason was civilian aircraft orders, which soared 166 percent after China ordered 200 planes following a recent U.S.-China presidential summit.⁸
Homebuyers purchased 6.2 percent fewer new homes in April than in the prior month. However, investors focused on the fact that homebuyers purchased 8.9 percent and 7.4 percent more new homes in February and March, respectively, compared with the prior month.
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