The week US stocks reached the longest ever bull market ended with a new record high on reassuring comments from the Fed. The S&P 500 gained 0.9% and the Dow rose 0.5% for the week. Internationally, Japan jumped 1.5% and Europe climbing 0.7% for the week. The yield on the 10-year Treasury fell over the week ending at 2.83%. Article
Minutes from the Fed’s early August meeting showed they expected to raise the Fed Funds rate a quarter percent at their September meeting and there was debate over how protectionist trade policies would impact the economy.
Fed Chief Powell, in a speech at the annual central bank conference, defended the speed at which the Fed is moving saying it is considering the risk from raising the Fed Funds rate too slowly or too quickly and believe their current path is appropriate.
Existing home sales fell 0.7% in July from June. It was the fourth straight month of declines.
Target had its best quarterly results in more than a decade, continuing a strong run by large retailers. Article