After the malaise of last week, investors were treated to a fair bit of positive news and movement from the markets. The general turn of the week was upward as various pieces of economic data and earnings releases were positive. The Fed also gave a slightly bullish picture and gave some credence to its pending rate hike.
On the data front, bearish manufacturing data was overshadowed by positive data points in inflation, housing and measures of labor health. This allowed investors to believe that the economy is still doing all right.
Meanwhile, earnings season has once again begun. So far, investors have been treated to better-than-expected results. Profits have continued to roll in at many of the firms reporting. Even better has been the moderately positive guidance figures – something that hasn’t been the case in recent quarters.
All in all, the week proved to be a good one for investors and gave hope that the fourth quarter wouldn’t be so bad after all.
