S&P 500 1,110.11 -1.63%
Click here for the Weekly Wrap by Briefing.com
Bottom Line: Last week's market action was mostly negative as U.S. stocks fell, driving the S&P 500 to its first weekly loss in seven, amid disappointing earnings and rising energy prices. However, most cyclicals continued to hold up well, pointing towards a re-acceleration of economic growth. Moreover, the Base Metal Spot Price Index broke out last week, which also bodes well for a pick-up in growth. Many investors view the current decline in long-term interest rates as a forecast of very slow economic growth or recession. I do not agree with this assessment at this point and view the decline as a big positive. Measures of investor anxiety were mixed last week and will likely head higher over the next few weeks. Finally, most stocks remain technically overbought after recent gains.
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