Click here for the Weekly Wrap by Briefing.com.
Bottom Line: Overall, last week's market performance was mixed. Optimism over the possibility of meaningful legal reforms, an improving labor market and increasing fund inflows was mostly offset by worries over higher energy prices and slowing earnings growth. Technology and small-caps continued their underperforming ways which began at the first of the year. Breadth was sub-par and a number of sectors fell for the week. Measures of investor anxiety were also mixed on the week. On the positive side, the Dow is now in the black for the year and appears poised to make an assault on its highs at year-end of 2004. Long-term interest rates remained low and the average 30-year fixed rate mortgage fell to its lowest level since early April 2004. Finally, the Semiconductor Index significantly outperformed for the week and is looking better technically. The fact that somewhat disappointing results from Cisco and Dell failed to send tech meaningfully lower is also a psychological positive.
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