Azzad MarketWeek
Stocks bolted ahead last week as investors cheered the last big week of Q2 corporate reports and a Friday jobs update that put the spotlight on the Fed’s next move with short-term rates.
The Standard & Poor’s 500 Index advanced 3.57 percent, while the Nasdaq Composite Index gained 5.19 percent. The Dow Jones Industrial Average rose 2.96 percent.
Best Week in Nearly 4 Months
Stocks opened the week strong as oil prices slid on news of diplomatic efforts in the Middle East. Big Tech led, which helped push the Dow Industrials to a record close.
Investor optimism continued to build on Tuesday as stocks opened higher and climbed throughout the day. Strong Q2 corporate reports added fuel to the rally, lifting all three averages into a second day of robust gains.
Markets opened higher on Wednesday but lost momentum as the day progressed. On Thursday, oil prices crept higher, and stocks went sideways as investors awaited updates on the Middle East and digested the final big trove of Q2 corporate results.
Then, on Friday, an unexpected contraction in the labor market boosted stocks as investors hoped the jobs data might influence the Fed’s outlook for short-term rates.
Each major average logged its best weekly gain since mid-April.
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