This past week represented so many of the weeks of 2017; slow action with a bit of an upward skew. Monday, Tuesday, Thursday were sleeping – and minor gains Wednesday were offset by small losses Friday; in the end we had small gains for the week! Rinse, wash, repeat. For the week the S&P 500 added 0.5% and the NASDAQ 1.2%. Sixty eight S&P 500 companies reported earnings this past week so that was the focus.
Fun fact: Until Friday’s loss, the NASDAQ had a 10 day string of gains, matching its longest streak since Feb. 24, 2015.
The European Central Bank left key rates unchanged, but President Mario Draghi was vague about future asset purchases, stressing a tightening of financial conditions due to the euro’s recent appreciation.
Economic news state side was not really market moving but it is worth noting China beat forecasts with 6.9% second-quarter growth.Continue reading