Stocks Up for the Week; Murky Outlook Going Forward

The last full week of May was a solid one for stock pickers, with all the major averages posting excellent weekly gains, despite a somewhat subdued session Friday.

The NASDAQ and S&P notched new all-time highs a couple of times, though the question remains as to just how much higher stocks can ascend given the weakness in macro data and tension in geopolitics.

The start of June is generally a quiet time for markets, but, with central banks backstopping any selloff with unlimited funding, the fun may last some time longer. June's FOMC meeting has been heralded as one in which the Fed may raise the federal funds rate to 1.00-1.25%, which would be a high-water mark since the GFC of 2008-09.

Money Daily disputes to contention of many analysts - 83% of which see a June rate hike - that a rate hike is imminent, due to glaringly obvious poor results in housing, personal income and spending, and industrial production, to name just a few.

Futures are pointing to a negative open in this holiday-shortened week.

At The Close, 5/26/17:
Dow: 21,080.28, -2.67 (-0.01%)
NASDAQ 6,210.19, +4.94 (0.08%)
S&P 500: 2,415.82, +0.75 (0.03%)
NYSE Composite: 11,631.87, -7.43 (-0.06%)

For the week:
Dow: +275.44 (1.32%)
NASDAQ: +126.49 (2.08%)
S&P 500: +34.09 (1.43%)
NYSE Composite: +89.18 (0.77%)