The most recent U.S. inflation and employment figures give a mixed economic picture and have sparked wild market swings. But you wouldn't know that by looking at this week's performance in stocks. The S & P 500 and Nasdaq Composite are headed for their fourth weekly gain in five weeks, up 3.5% and 5.3%, respectively. The Dow Jones Industrial Average has popped 1.9% this week.
"Add to the mix the improving momentum … and after some wild whipsaw action since peaking two months ago it looks like the S & P wants to challenge 5650-5670 resistance heading into next week's Fed meeting," he added. .SPX 5D mountain SPX 5-day chart Indeed, after all the wild swings, the S & P 500 is a scant 1.2% below an intraday record of 5,669.67 reached in July.
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