Last week was much like the ones we saw throughout 2017! Up, up, up nice and slow…. with little volatility. And new record highs. Market news was quiet in general despite “global trade tensions”. Really ….it was difficult to find much market moving news! (Insert crickets chirping hee)
For the week the S&P 500 closed up 1.6% while the NASDAQ added 1.2%. Some catch up from the S&P 500 after lagging the NASDAQ of late.
In economic data, U.S. factory orders fell by 0.8% in April, driven by a decline in commercial aircraft. Tuesday, ISM services surged to 58.6 in May from 56.8 – any reading over 50 signals expansion and this one is near 60! The U.S. trade deficit shrank 2.1% in April—before the Trump tariffs took effect—and tumbled to a seven-month low. But the gap is still on track to widen in 2018 to the highest level in a decade.Continue reading