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This Week's Market Review

It was a low volume, bullish week on Wall Street as all three of the major market indices ended the week in positive territory. Nearly all of the news was positive as oil prices fell below $70 per barrel, closing at $69.20. The August employment report released on Friday was also bullish as hourly earnings were up only 0.1%. Another closely watched inflation gauge was the July core PCE deflator which was up a less than expected 0.1%, adding to the growing conviction that the Fed may not raise rates further this year. The economic numbers were positive as well with the second quarter real GDP being revised to show a 2.9% growth, up from the previous 2.5%. All of the numbers are reflecting a moderating growth trend which is what the Fed is looking for in their soft landing. Going forward, September and October are usually poor months for the stock market. The good news is that the recent gains have been based on solid data as inflation is not increasing, economic growth is steady, and commodity prices may be easing.

The DOW closed the week up, gaining 180.10 points to close at 11464.15 The S&P rose 1.2%, adding 15.92 points, ending the week at 1311.01. The NASDAQ jumped 2.5%, increasing 52.87 points, ending the week at 2193.16.