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Last week’s market saw wild swings despite minor overall changes, driven by a stronger Yen and rising interest rates.

Markets rebounded after April’s weakness: The S&P 500 saw a slight gain but marked its first monthly loss since October.

Last week, the major markets rebounded after a 3 week decline, driven by strong gains in IT and positive earnings reports from over 800 companies.

Economic news was mixed last week. Existing homes sales came back slightly below estimates, while new home sales slightly exceeded them. The housing market continues to be impacted by a reduced inventory of homes as well as higher interest rates.
As of Thursday, Freddie Mac reported that the 30-Year Fixed Rate Mortgage Average in the United States hit a 22-year high at 7.23 percent. The last time that the 30-year fixed rate was this high was in June of 2001.

Headline from NPR: “JPMorgan Chase buys troubled First Republic Bank after U.S. government takeover”.

The Major Markets navigated a tumultuous week last week with mixed results. The Nasdaq was the standout performer as it added 4.41 percent followed distantly by the S&P 500 which managed to add 1.43 percent. The remaining three indices ended negative as the world once again became fixated on a banking crisis. The fall of … Continued