Markets
Stocks rose last week as peace talks picked up while investors cheered better-than-expected economic news and Q1 corporate results.
The Standard & Poor’s 500 Index advanced 2.33 percent, while the Nasdaq Composite Index rose 4.51 percent. The Dow Jones Industrial Average edged up 0.22 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, added 1.24 percent.1,2
Sixth Straight Week of Gains
Stocks stumbled at the start of the week as stalled peace talks and escalating tensions in the Middle East weighed on sentiment.3
The gloom didn’t last long. Markets opened higher Tuesday morning as investors reacted positively to solid Q1 corporate earnings results and falling oil prices. The rally extended through Wednesday after better-than-expected earnings results from a couple of chipmakers lifted the entire sector and led the broader averages higher. The S&P 500 and Nasdaq hit record intraday and closing highs both days, while the S&P closed above 7,300 for the first time.4
Stocks took a breather on Thursday as investors assessed the latest developments in the Middle East. Markets then opened higher on Friday on news of better-than-expected job growth in April, fueling a relief rally from investors who were pleasantly surprised that the Middle East had not impacted hiring. A major chipmaker deal announcement extended the week’s chip-stock rally, further lifting the S&P and Nasdaq to new highs and a sixth consecutive week of gains.5,6
Jobs Report Surprise
Employers added 115,000 jobs in April, versus the 55,000 economists expected. Jobs grew the most in the healthcare, retail, and leisure & hospitality sectors. Another good sign: unemployment held steady at 4.3 percent last month.7
In other economic news, the new home sales data released last week showed sales for both February and March exceeded expectations. In March, 682,000 newly constructed homes were sold, up 7.4 percent over the prior month, while February new home sales jumped 8.9 percent over the previous month.
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