The S&P 500 ended the week on a high note after a speech by Janet Yellen. The index closed at 2091.80 seeing a weekly gain of 2.28%. Wall Street held
The S&P 500 ended the week on a high note after a speech by Janet Yellen. The index closed at 2091.80 seeing a weekly gain of 2.28%. Wall Street held on to gains Friday to finish sharply higher for the week, as investors came to terms with the possibility of a summer interest rate increase after comments from Federal Reserve Chair Janet Yellen.
The Standard and Poor’s 500 Index rose 8.96 points or 0.4% to close at 2,099.06, the highest settlement of the month. For the week, the S&P 500 closed up more than 2%, marking its best weekly performance since March.
This week’s positive settlement was mostly attributed to large rallies on Tuesday and Wednesday, as the major stock indexes returned to their familiar ranges after heavy selloffs in previous weeks.
The S&P 500’s relative strength index is at 61, confirming a short-term uptrend. However, a consistent rally north of 2,100 could prove difficult as investors continue to lack a fundamental trading catalyst to justify higher highs for the large-cap index.
Investors assessed stronger than expected economic data ahead of a revised GDP report and fresh remarks from Federal Reserve Chair Janet Yellen.
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Major Economic Events for the week:
Time | Cur. | Event | Actual | Forecast | Previous | |||
Monday, May 30, 2016 | ||||||||
United Kingdom – May Bank Holiday | ||||||||
United States – Memorial Day | ||||||||
Tuesday, May 31, 2016 | ||||||||
EUR | CPI (YoY) (May) | -0.1% | -0.2% | |||||
CAD | GDP (MoM) (Mar) | -0.1% | -0.1% | |||||
USD | CB Consumer Confidence (May) | 96.0 | 94.2 | |||||
Wednesday, June 1, 2016 | ||||||||
CNY | Manufacturing PMI (May) | 50.0 | 50.1 | |||||
AUD | GDP (QoQ) (Q1) | 0.6% | 0.6% | |||||
CNY | Caixin Manufacturing PMI (May) | 49.3 | 49.4 | |||||
GBP | Manufacturing PMI (May) | 49.6 | 49.2 | |||||
USD | ADP Nonfarm Employment Change (May) | 180K | 156K | |||||
USD | ISM Manufacturing PMI (May) | 50.5 | 50.8 | |||||
Thursday, June 2, 2016 | ||||||||
AUD | Retail Sales (MoM) (Apr) | 0.3% | 0.4% | |||||
GBP | Construction PMI (May) | 51.9 | 52.0 | |||||
EUR | Interest Rate Decision (Jun) | |||||||
USD | ADP Nonfarm Employment Change (May) | 175K | 156K | |||||
USD | Crude Oil Inventories | -4.226M | ||||||
Friday, June 3, 2016 | ||||||||
GBP | Services PMI (May) | 52.5 | 52.3 | |||||
USD | Nonfarm Payrolls (May) | 161K | 160K | |||||
USD | Unemployment Rate (May) | 4.9% | 5.0% | |||||
USD | ISM Non-Manufacturing PMI (May) | 55.5 | 55.7 |