The S&P 500 index rose 1.5% last week, supported by gains in the technology and materials sectors and better-than-expected quarterly results. This marked the S&P 500’s first weekly gain since the week ended Jan. 24.
The index is now up 1.2% for February and 4% for the year to date.
Closely watched inflation figures came in slightly above expectations. The US seasonally adjusted consumer price index rose by 0.5% in January, above expectations for a 0.3% increase. The US Producer Price Index rose by 0.4% in January, above the 0.3% increase expected.
Other data showed retail sales in the US fell 0.9% last month, larger than an expected 0.2% drop, amid declines in most categories, including the motor vehicle component.
Better-than-expected quarterly results from companies including CVS Health (CVS), Airbnb (ABNB) and MGM Resorts International (MGM) helped boost investor sentiment.
The technology sector had the largest percentage gain of the week, up 3.8%, followed by a 2% advance in communication services and a 1.8% rise in materials. Consumer staples, energy and utilities were also up by more than 1% each.
Just two sectors recorded weekly declines: Health care shed 1.1% and financials edged down 0.1%.
This week, quarterly results are expected from Walmart (WMT), Alibaba Group (BABA), Booking Holdings (BKNG), Arista Networks (ANET), Medtronic (MDT) and Analog Devices (ADI).
Economic reports will be heavy on housing data, including the February home builder confidence index, January housing starts and building permits, and January existing home sales.
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