The Dow Jones closed at a new record on Friday, capping off a winning week for stocks - the Dow Jones ended the week up about 2%, while the S&P 500 and Nasdaq each added about 1.7%. In addition, Bitcoin neared $100,000 and smaller companies of the Russell 2000 index finished the week up roughly 4.5%. Wall Street and investors are looking to continue the end-of-year and post-election rally.
Economic reports from last week came back mixed:
•Manufacturing (Philadelphia) - lower than expectation
•Homebuilder Sentiment - higher than expectation
•Existing Home Sales - higher than expectation
•New Residential Construction - higher than expectation
•Consumer Sentiment - lower than expectation
•Jobless Claims - lower than expectation
In a holiday-shortened week, investors will look for guidance from economic reports like Housing, Manufacturing, National Economic Activity, Manufacturing, Consumer Confidence, Personal Income, Gross Domestic Product and Jobless Claims.
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