Stocks continued to ebb and flow this week as earnings season rolled on. So far, reports have been better than expected on the whole. However, this week, guidance managed to take some of the wind out of the market’s sail. Continued inflationary, labor and supply chain pressures were features of many of the outlooks this week. This caused a few bouts of high volatility and lower daily returns for the overall major indexes.
Other economic data continued to support a strengthening, but moderating, economy. Several metrics that were down last month – including consumer, manufacturing and housing data – ticked up in their latest readings.
Investors continued to monitor the Federal Reserve and inflationary data this week for any changes in policies. However, no news was good news, and stocks spent much of the week grinding higher.
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