The S&P 500 index rose 1.7% last week with gains in every sector except communication services. The market benchmark is now up 4.6% for the month and 25% for the year.
U.S. existing home sales increased more than expected sequentially in October and posted the first annual gain in more than three years, according to data released by the National Association of Realtors.
Private-sector output in the U.S. rose to the highest level since April 2022 despite continued contraction in manufacturing, while the year-ahead outlook hit a 2.5-year high, according to S&P Global’s flash purchasing managers’ index.
Other economic data was mixed. The manufacturing index for the U.S. Mid-Atlantic region turned negative this month, while the Midwest contraction unexpectedly improved, separate surveys from the Federal Reserve Banks of Philadelphia and Kansas City showed.
Consumer staples had the largest percentage increase of the week, up 3.1%, followed by a 3% rise in materials and gains of 2.6% each in real estate and utilities.
Communication services, the lone sector in the red last week, edged down 0.3% though only three of its components fell, two representing the same company: Google parent Alphabet (GOOGL, GOOG).
This week’s economic data will include November consumer confidence and October new home sales on Tuesday, followed by a slew of reports on Wednesday including October personal consumption expenditures and pending home sales as well as the first revision to Q3 gross domestic product. The market will be closed on Thursday for the Thanksgiving holiday.
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