S&P500 +2.41%(2,727.72); NASDAQ +2.68% (7,402.88); DJIA +2.34% (24,831.17)
This week’s reports:
- April’s CPI rose 2.5% y/y versus March’s 2.4% y/y. Core CPI rose 2.1% y/y, the same as in March.
- Mays’ Michigan Consumer Sentiment Index (prelim.) was unchanged from April’s 98.8.
- March’s Consumer Credit rose $11.62 billion, its slowest in six months, from February’s +$13.64 billion. March’s increase was led by non-revolving debt, while revolving credit declined.
- Initial Jobless Claims for the week ending May 4th were unchanged at 211K. Continuing Jobless Claims for the week ending April 27th rose by 39K to 1,790K.
- US stocks rose, with the S&P 500 and Dow Jones Industrial Average posting their biggest one-week gains since March, as softer than expected data on inflation suggested that prices aren’t rising at a pace that would force the Federal Reserve to