Markets Rise Thanks to Upbeat Indicators
The Weekly Update
Week of August 19th, 2024
By Christopher T. Much, CFP®, AIF®
Stocks posted solid gains last week, buoyed by robust economic data and constructive comments from Fed officials.
The Standard & Poor’s 500 Index rose 3.93 percent, while the Nasdaq Composite gained 5.29 percent. The Dow Jones Industrial Average lagged a bit, picking up 2.94 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, powered ahead by 4.31 percent.
Upbeat Economic News
Three critical economic data points gave investors what they were looking for: wholesale inflation, consumer prices, and retail sales.
Both the Producer Price Index and the Consumer Price Index rose less than expected in July, reinforcing a picture of cooling inflation. The July retail sales report on Thursday was stronger than expected, which added more fuel to the week-long rally.
Market action slowed down on the week’s final trading day, with positive consumer sentiment gains countered only by a …
