Earnings and Economic Data Become Increasingly Influential

Stocks rose for the second straight week to begin the second quarter, although the gains were more muted. The MSCI All Country index climbed 0.4 percent after rising 2.1 percent the previous week, and the S&P 500 added 0.5 percent after also posting a 2.1 percent gain the previous week. In the process, the S&P crossed back above the 2900 level and now sits less than one percent below its all-time high of last September. All of the gains came on Friday as JP Morgan Chase began earnings season with a far better than expected result. Despite an array of headwinds facing the banking industry, including low rates and a flat yield curve, sluggish trading volume and soft loan growth, JP Morgan nevertheless produced a solid quarter that contributed to the rising sense of optimism among investors.

from https://newsroom.ameriprise.com/commentary/earnings-and-economic-data-become-increasingly-influential.htm

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