Senate Republicans’ unveiling of their version of tax reform took some of the wind out of the sails of the stock market last week, as all three major U.S. equity indexes recorded weekly losses for the first time in two months.
Stocks registered their eighth straight advance last week, this time taking bonds along for the ride.
The rally in U.S. stocks continued last week, powered by strong corporate earnings, a growing economy and the prospect of a tax reform package by the end of the year.
Led by the Dow Jones Industrial Average, which jumped 2% – its biggest weekly gain in over a month – U.S. stocks rose for the seventh straight week.
U.S. stocks were modestly higher last week but enough to keep the five-week old rally alive.
Despite a hurricane-impacted loss of 33,000 jobs in September, Friday’s employment report came in better than expected in other respects, raising prospects of a rate increase by the Federal Reserve later this year.
Week in Review September 29, 2017
U.S. stocks recorded strong gains again in the third quarter, with the S&P 500 and NASDAQ ending September at record levels and the Dow Jones Industrial Average closing just below its all-time high.