For four straight weeks, the major stock indexes in the U.S. have increased reaching new highs. This week was the same as new data released has indicated the confidence amongst small business and consumers has improved, which helped to fuel new optimism in the world’s largest economy.
The Standard & Poor 500 saw all 10 groups in its index advance this past week, with financial, industrial and technology stocks leading the way.
Citigroup and JPMorgan Chase each increased during the week by more than 5.5% as hedge fund manager David Tepper said banks in the United States were a good sector to be in.
During the five sessions this past week, the S&P 500 was up 2.1% and the index has seen increases in every week since April 19. The total increase for the Index is 17% for 2013.
More and more evidence is showing that if a slowdown were to occur, it would not be as lengthy or severe as it was the past two springs, said economists.
The confidence of consumers in the U.S. economy was up to its highest point in nearly six years. Other data released indicated that the confidence of small business climbed in April to its highest point in six months.
In addition, retail sales increased as did an index of leading indicators in the U.S. All of this helped to overshadow reports that have showed manufacturing weakness in the country.
