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Investors have grown used to looking at the market through a single lens, usually the S&P 500 or the Nasdaq-100 index. But those indices are only benchmarks.
The S&P 500 ended its five-day losing streak on Friday, posting its largest daily gain in nearly three months after the Jackson Hole rally. The index finished the week up 0.3%, its fifth weekly gain in the past six weeks.
The biggest reason to buy Invesco S&P 500 Equal Weight ETF (RSP 0.47%) is contained in the exchange traded fund's (ETF) name. That said, there's more to the story here than meets the eye.
Last week, the S&P 500 experienced a rally that took it to three consecutive record highs. But the momentum cooled as economic data painted a complex picture.
Special car, which bears his name, was driven for the first time in the U.S. by Roger Penske before being transported to Monterey, California Special car, which bears his name, was driven for the first time in the U.S. by Roger Penske before being transported to Monterey, California
The S&P 500 notched three new record highs this week but the rally fell short on Friday. The index ultimately finished the week up 0.9%, its fourth weekly gain in the past five weeks.
Key Points in This Article: The S&P 500 has surged 27% in 2024, driven by AI-fueled Magnificent Seven stocks, boosting SPY's performance.
The S&P 500 bounced back with a weekly gain of 2.4% and is now just inches off a new record high. Here is a snapshot of the index from the past week: The table below summarizes the number of record highs reached each year dating back to 2013.
Last week was one of the busiest of the year for financial markets, with a plethora of economic data, a Fed meeting, and significant market volatility. A strong GDP rebound and the Federal Reserve's decision to hold rates steady were quickly overshadowed by a weaker-than-expected jobs report and hotter-than-anticipated inflation.
Advisors and investors poured an impressive $115 billion of new money into ETFs in July. That further proves the industry's relentless pace, even during summer months.