The spotlight will be on the Labor Department's inflation data on Wednesday, which is expected to show the consumer price index likely climbed 0.4% in April after gaining 0.1% in March, while excluding the volatile food and energy components, the CPI likely increased 0.4% last month.
Data points this week will help investors not only gauge whether the Federal Reserve's aggressive tightening cycle - including its most recent 25 basis pointlast week - is working towards tamping down inflation but also if fears of stagflation are founded. "You had the 'good news is good news' on Friday and a rally knowing no one wants to go short into the weekend. You also have the debt ceiling working in the background, which is a concern for people. Until some of these things get resolved, we are not going to see a repeat of the rally anytime soon."to resolve the stand-off over the $31.4 trillion U.S. debt ceiling.Hathaway Inc's Class B shares rose 1.2% after posting a $35.
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