Market continues higher - Creand
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Market continues higher

The major indices all logged gains this week. The S&P 500, which ran into resistance at 5,200 on Tuesday before closing above that level for the first time since April 9, registered a 1.9% gain this week. The Nasdaq logged a 1.1% gain and the Dow Jones Industrial Average saw a 2.2% increase.  This left the S&P 500 and Nasdaq less than 1.0% away from their record closing highs.

Many stocks participated in the broad advance, leaving the equal-weighted S&P 500 up 2.0% for the week and all 11 S&P 500 sectors higher.  The utilities sector saw the largest gain, jumping 4.0%, followed by the financial (+3.1%), materials (+2.6%), consumer staples (+2.3%), and industrial (+2.3%) sectors. The consumer discretionary sector was the only sector to gain less than 1.4% this week, closing 0.2% higher than last Friday. 

The market did cool off a bit on Friday following the preliminary University of Michigan Index of Consumer Sentiment for May. That report dropped to 67.4 in May (consensus 76.5; prior 77.2) and showed a jump in year-ahead inflation expectations to 3.5% from 3.2%.

The market could see increased volatility this week due to upcoming economic data points.  On Tuesday we shall receive the PPI for the month of April and on Wednesday the CPI.

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