US stocks edged higher over the week on strong corporate earnings. The S&P 500 rose 0.8% and Dow rose 0.9% for the week. Abroad, the FTSE All World Ex US rose 0.8% for the week. The yield on the 10-year Treasury was flat for the week finishing at 1.30%.
The senate passed the infrastructure package and it now heads to the House where its passing remains uncertain.
Analysts estimate earnings grew by 90% from a year earlier, well surpassing projections.
CPI rose 5.4% from a year ago in July in line with estimates. However, it only rose 0.5% in July over June compared to June’s 0.9% monthly increase. Core CPI rose 4.3%, lower than in June, and 0.3% for the month compared to the 0.8% monthly increase in June.
Jobless claims edged down to 375,000, in line with estimates.
In the second quarter 94% of metro areas saw at least a 10% increase in home prices and home prices rose 22.9%.
Small business confidence fell to its lowest level since the early spring over concerns of the impact the Delta variant might have on business.