A Recap of Last Week's Stock Market Trading - Friday 7/21/2023
- The major US stock indexes closed higher last week, with the S&P 500 and the NASDAQ reaching their highest levels in 15 months.
- The Dow Jones Industrial Average also closed higher, notching its 10th straight day of advances, its longest rally in almost six years.
- The rally was supported by a number of factors, including strong corporate earnings, easing inflation concerns, and expectations that the Federal Reserve will be less aggressive in raising interest rates than previously thought.
- However, there were some concerns about the sustainability of the rally, as some investors worried that the market was getting ahead of itself.
Key highlights from last week:
- The S&P 500 gained 2.3% for the week, closing at 4,536.34.
- The NASDAQ Composite gained 3.0% for the week, closing at 14,032.81.
- The Dow Jones Industrial Average gained 2.0% for the week, closing at 35,227.69.
- The Cboe Volatility Index (VIX), a measure of market volatility, fell 10% for the week.
- Corporate earnings were strong last week, with many companies reporting better-than-expected results.
- Inflation concerns eased last week, as data showed that prices were rising at a slower pace than in recent months.
- Expectations that the Federal Reserve will be less aggressive in raising interest rates also supported the market.
Overall, the market was relatively calm last week, with volatility remaining low. The rally was supported by a number of factors, including strong corporate earnings, easing inflation concerns, and expectations that the Federal Reserve will be less aggressive in raising interest rates than previously thought. However, there were some concerns about the sustainability of the rally, as some investors worried that the market was getting ahead of itself.
