John Hancock: Weekly Market Recap Week Ended November 15th
U.S. Federal Reserve Chairman Jerome Powell expressed optimism in congressional testimony that recent interest-rate cuts could bolster the economy to weather risks such as trade tensions and the slowdown in global growth. Powell said Fed officials believe that current monetary policies will remain appropriate so long as the U.S. economy grows moderately and the labor market remains strong.
6 in a row
Stocks extended their recent climb as the S&P 500 recorded its sixth positive week in a row—the longest such streak in two years. The major indexes rose around 1%, setting new record highs, with the Dow breaching the 28,000-point mark on Friday.
With more than 90% of S&P 500 companies having reported third-quarter results as of Friday, six sectors had posted overall earnings gains while five posted declines, according to FactSet. The top performers have been the utilities and healthcare sectors; the biggest laggards have been energy, materials, and information technology.
With holiday shopping season getting under way, U.S. consumer spending has recovered from a recent soft patch. Retail sales in October rose a seasonally adjusted 0.3%, marking a turnaround from September, when sales fell by an equal amount.