The S&P 500 Just Had Its Best Week of the Year, and Wall Street Says the Stock Market Is Soaring Toward a Record High
The S 500 (SNPINDEX: ^GSPC) gained nearly 6% during the first week of November, marking its best weekly performance of the year. That upward momentum was broad-based in nature: 159 stocks in the S 500 (nearly one-third of the index) also had their best weeks of the year, according to The Wall Street Journal.
The primary driver of that momentum was action (or lack thereof) taken last week by the Federal Reserve. Specifically, policymakers held the benchmark federal funds rate steady for the second consecutive meeting, giving investors reason to believe the rate hikes may be over.
Jobs data from the Labor department reinforced that outlook. Hiring slowed sharply in October and unemployment topped expectations. Both trends point to an economy under pressure, and that could certainly dissuade policymakers from future rate hikes.
Source Fool.com
