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  • Writer's pictureRealFacts Editorial Team

S&P Has Biggest Weekly Gain Since November


Stock chart

This past week the S&P 500 experienced its biggest weekly gain since November of 2023 (climbing 2.7%), there are a couple of things driving the market higher. The first is strong earnings coming from Google and other big tech stocks. Google stock rose 10.22% on the last trading day of the week, closing above a $2 trillion market value for the first time ever. Microsoft also reported strong earnings numbers, the market loved to see the thriving financials of some of the Magnificent 7.


The other thing pushing the market higher is that many investors still believe that a rate cut is coming this week. Anthony Saglimbe, chief market strategist at Ameriprise Financial, said “If the market believes the Fed’s next move is a cut, then I think stock prices will be ok. Whether it’s one or two doesn’t really make a difference,” The recent PCE data and other reports have shown that inflation is still extremely stubborn and that a Fed rate cut may be far less likely than we think of this year. Saglimbe said that if the Fed decides to raise rates again to combat inflation, a quick correction will be seen in the equity markets.


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