Economic Journal - Friday, 2/24/2017Submitted by Miller Financial Group, LLC on February 24th, 2017
U.S. stocks continue to show impressive resiliency in a week where the trend has been full of morning pullbacks and afternoon rallies with the end result being a string of recording setting sessions. Today is looking very similar to what we have seen all week with both the Dow and S&P500 starting the session in the red. Will the buyers rally again to close out the week with another series of records? We will all have to wait and see. The Dow closed on Thursday with its 10th straight record closing high which is the longest streak since 1987. The S&P 500 managed to eke out a 0.99 point gain on Thursday. Both indices are on track to finish the week with another weekly gain. It has been a relatively quiet week in regards to economic data and the earnings season is winding down giving investors very little to sink their teeth into. Next week should provide some market moving events with Donald Trump’s highly anticipated address to Congress. Investors will be looking for more details on his proposed reforms. Since the election, the market has rallied on Trump’s promises of pro-growth policies on taxes and regulation and the appetite for equities may begin to diminish if those promises are backed by specifics. The lone economic report today was on new home sales and the data was positive. Sales of newly constructed homes rebounded in January over December and was 5.5% higher than a year ago. Oil prices have fallen in response to inventory concerns related to stepped-up production of U.S. shale producers. Markets in Europe are in the red while results in Asia are mixed.