Sixth Week of Gains on Wall Street
The Weekly Update
Week of October 21st, 2024
By Christopher T. Much, CFP®, AIF®
Stocks posted modest gains last week, with quarterly earnings season in full swing and the election on the horizon.
The Standard & Poor’s 500 Index increased 0.85 percent, while the Nasdaq Composite Index rose 0.80 percent. The Dow Jones Industrial Average advanced 0.96 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 0.31 percent.
Six in a Row
Stocks bolted out of the gate as the week began. The S&P 500 and the Dow Industrials hit record highs, with the Dow crossing 43,000 for the first time.
Midweek, the news of stronger-than-expected retail sales report contributed to overall market momentum. Retail sales rose a seasonally adjusted 0.4 percent in September, topping economists’ forecasts.
As the week wrapped up, the technology sector helped fuel a rally that pushed the S&P and Nasdaq to another record high. It was the sixth …
