Last week was the best week for stocks in 2024, as all three major stock market indexes posted their best results of the year.
There was a confluence of factors that made it the best week for stocks, most notably, the Consumer Price Index fell for the fourth straight month. The July CPI report, which came out on Wednesday, placed the inflation rate at 2.9%, which is the first time since March 2021 that it has been below 3%.
Then on Friday, the University of Michigan’s Consumer Sentiment Survey climbed 2.1% in August, which was much more than economists had expected. The sharp increase indicates that consumers are more hopeful about the state of the economy going forward.The markets are trading higher Monday at the time of writing.
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