WHAT THE MARKET WANTS: Monday Mania Rides Again
Forget that the market was down for the fourth consecutive week on Friday. Investors woke up in a new world today and sent the market soaring. It is Monday, after all.
After last week’s manic Monday, the market ended the week down big-time, with Large-cap Value the best performer at – 1.5% and Small-cap Growth the worst at -2.7%. There has been a lot of good and bad economic data the last several days, which may account for investors’ fickle mood. On Friday, existing home sales and new home sales were down much more than expected (existing: 5.45M vs. 5.90 and new: 342K vs. 370K); initial jobless claims were down (470K vs. the expected 440K); and durable goods orders were much worse than expected (0.3% vs. a general consensus of 1.6%). On the other hand, consumer confidence was up significantly at 55.9. Read more…
