Weekly Review for week ending 9-27-24
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U.S. stock markets posted gains for the third consecutive week, continuing their rebound from the sharp losses experienced at the start of September. The S&P 500 and NASDAQ rose by 0.6% and 1.0%, respectively, with the S&P 500 reaching new record highs and the NASDAQ closing just 2.8% shy of its all-time peak from over two months ago (FactSet).
The latest update from the U.S. government revealed that the economy grew at an annual rate of 3.0% in the second quarter1. This growth matched an earlier estimate and was slightly better than the expected 2.9% rate, suggesting that the economic recovery might be stronger than anticipated. Meanwhile, new claims for unemployment benefits fell to 218,000 last week, marking the lowest level in four months—a promising sign that fewer people are seeking assistance after losing jobs2. While the unemployment numbers are extremely short term, these two numbers should take pressure off the fed and bode quite well for the near term outlook.
An employment report set to be released on Friday will provide insight into how many jobs were added in September. The upcoming report will help gauge whether job growth has picked up or slowed down.
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The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
AdTrax 7072150.1 Exp 9/25
1https://www.bea.gov/data/gdp/gross-domestic-product
2https://www.dol.gov/ui/data.pdf