It was a week of modest achievement,with muted gains for a toppy market.The S&P was up 1.0,while the Dow rose 0.6 and the NASDAQ climbed 1.8 for the week.Consumer assessments were mixed.Retail sales were good,but consumer sentiment fell.Next week could have some significant headlines,with a vote on health care looking increasingly likely by the end of the week,and the Federal Reserve announcing its interest rate decision and releasing an explanatory statement.Rates will be held steady,but the Fed's statement could always sway the market.
The price of gas is steadily making its way up.It is expected to crest 3.00 a gallon this summer,getting as high as 3.50.That means higher prices for many goods and services.The transport stocks were strong this week,but more expensive fuel would take a toll on them eventually.With interest in basketball heating up,perhaps few will notice energy costs in the near term.
The S&P futures were up 0.70 early this evening.
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