The market kicked off the week with gains on Monday, with stocks ending trading near session peak levels. Crude oil prices also rose ahead of the OPEC meeting set for later this week. Stocks traded upward on Tuesday. A strong corporate earnings season and a stable economy have helped the market stay buoyant despite concerns that the Trump administration may struggle to push through plans for policy changes like tax cuts and fiscal stimulus. In housing news, Commerce Department data showed new home sales slipped 11.4% to 569,000 in May versus expectations of a 610,000 annual rate. Additionally, March’s result was revised to an annual pace of 642,000, which marked its highest level since October 2007. Mid-week saw the S&P 500 Index reach a fresh high, while minutes from the Federal Market Open Committee meeting signaled that interest rates could rise in June. The rally continued on Thursday with Consumer Discretionary stocks leading the way. The major indices finished Friday relatively flat, but higher for the week. Both the S&P 500 and the NASDAQ saw record highs while the Dow Jones Industrial Average closed fractionally lower. Consumer sentiment for May increased slightly, likely because consumers have become more divided on their politics and expectations of economic growth.
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