Believe it or not, we're 3/4 through the year and with that Wall Street staged a rally Friday just to keep with the notion that the economy is at least strong enough (and well enough supported by the Federal Reserve) to warrant the buying of stocks with which to dress up tha many portfolios managed by multi-billion dollar funds.
Friday's economic data included numbers on personal income (up 0.2%), personal spending (flat... oops), core PCE prices (up 0.2%), Chicago PMI (54.2, ahead of forecasts) and the University of Michigan survey on consumer sentiment (91.2).
All right, then, everybody's content, including the Fed, which did not raise rates and won't until Decemebr at the earliest, if at all.
In this sweet spot economy, it's a numbers game and a day-trader's paradise. There's really no serious investment going on, just reshuffling of the deck of S&P 500 stocks to own.
The week was essentially flat, marginally to the upside, as the major averages just bounced between winning and losing all week long.
As Country Joe and the Fish might have said, "Whoopie! We're all gonna die."
Dow Jones Industrial Average
18,308.15, +164.70 (0.91%)
5,312.00, +42.85 (0.81%)
2,168.27, +17.14 (0.80%)
10,721.74, +78.22 (0.73%)
For the Week ended September 30:
Dow: +46.70 (+0.26%)
NASDAQ: +6.25 (+0.12%)
S&P 500: +3.58 (+0.17%)
NYSE Composite: +3.75 (+0.03%)