Markets
Stocks staged a broad-based rally last week on investors’ hopes for a lasting Middle East ceasefire, hitting fresh record highs along the way.
The Standard & Poor’s 500 Index rose 3.44 percent, while the Nasdaq Composite Index added 4.25 percent. The Dow Jones Industrial Average advanced 3.82 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 3.04 percent.
On Monday, to end the first half of the year, saw records for the S&P 500, and the Nasdaq.
Stocks putting on a firework show
Last week opened with a rally powered by news of a tamer-than-expected escalation of tensions in the Middle East. Stocks continued their rise after this week’s ceasefire agreement, although Wall Street appeared concerned about whether the truce would remain in place.1,2
Sentiment brightened after the White House played down the approaching July 8 tariff deadlines. Solid corporate earnings, a still-strong labor market, and a recovery in artificial intelligence-related stocks provided some underlying strength to the rally.3
As the week wrapped up, the S&P 500 hit its first new high since February—it marked the fastest-ever recovery from a 15-percent decline for the broad-market index. The tech-heavy Nasdaq Composite also closed at an all-time high.
Better Economic Data Helped, Too
While trade and Middle East updates powered most of the markets’ rise last week, a few economic bits of news also contributed to the week-long rally. For example, consumer sentiment climbed 16 percent in May—its first increase in six months.4,5
“The improvement was broadbased across numerous facets of the economy, with expectations for personal finances and business conditions climbing about 20% or more.” the University of Michigan said in a statement.
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