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Bob Carey
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  US Stock Markets Ended May 11, 2018
Posted Under: Weekly Market Commentary

The S&P 500 posted its first weekly gain in the past three weeks with a 2.49% return and the best weekly gain over the past two months. Investors are more confident that inflation will remain at bay after trade tensions have eased with the rest of the world. The US dollar exhibited a calmer week as it was little changed, while the 10-year treasury steadied under 3%. Volatility is still present in other markets, with oil bouncing off highs not reached since the end of 2014. In turn, energy stocks traded higher to post the best weekly gain in the S&P 500. The group was led by Occidental Petroleum and Devon Energy which are both involved in exploration and production of crude. The gains in oil were spurred by President Trump's decision to quit the Iran nuclear deal. A bullish feeling fell over the market this week after a plethora of US companies posted quarterly results that beat analyst estimates. The sentiment emanated from executives less cautious feelings concerning inflation, rising global interest rates, and trade wars with foreign countries; specifically China. Foreign relations around the globe seem to be improving every day, but Iran and Syria are still rife with conflict. Emerging stocks rallied around the news of a June 12th meeting between Kim Jong Un and President Donald Trump in Singapore. The release of three US prisoners from North Korea to the United States was an outward motion to the world that North Korea is willing to put aside a long held grudge against the West. Looking ahead to next week, the state of the economy will be on display with releases of mortgage, retail sales, and housing data.
Posted on Monday, May 14, 2018 @ 8:03 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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