Recap of Last Week's Stock Market Trading - Friday 7/28/2023
- The Dow Jones Industrial Average rose 0.57%, to close at 35,459.29.
- The S&P 500 rose 0.99%, to close at 4,582.23.
- The Nasdaq Composite Index fell 0.12%, to close at 14,316.66.
The stock market had a mixed week, with the Dow and the S&P 500 ending the week slightly higher, while the Nasdaq Composite Index ended the week slightly lower.
There were a few factors that contributed to the mixed performance of the stock market last week. On the positive side, economic data was generally positive. Additionally, earnings season continued to be strong, with many companies reporting better-than-expected results.
On the negative side, there were some concerns about inflation, which remained elevated. Additionally, there were some concerns about the potential for a recession, as the Federal Reserve continues to raise interest rates in an effort to cool the economy.
Overall, the stock market had a mixed week last week. While there were some positive factors, there were also concerns that weighed on the market.
Key highlights from last week::
- GDP growth came in above expectations. The US economy grew at an annualized rate of 2.4% in the second quarter, beating expectations of 1.8%.
- Earnings season continued to be strong. Many companies reported better-than-expected earnings results in the second quarter.
- The annual inflation rate in the US slowed to 3% in June of 2023, the lowest since March of 2021 and compared to 4% in May and expectations of 3.1%.
- The Federal Reserve raised interest rates by 0.25 percentage points.
