July 08, 2024

Stocks Gain Most Since April

Latest Publications Stocks Gain Most Since April

Technology Leads Rebound

U.S. stocks advanced last week with the S&P 500 rebounding with its strongest weekly gain since April following a narrow loss the week prior. Large cap technology stocks drove the S&P 500 higher, ending the shortened trading week at a new record high, its 34th all-time high of 2024. Markets were closed Thursday for the July 4 Independence Day holiday. The gains came after fresh labor market data reaffirmed many investors’ belief that the Federal Reserve can begin cutting interest rates during its September meeting. During the week Fed Chairman Powell noted there has been “quite a bit of progress” toward getting inflation back toward its 2% target.

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The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.