The markets were closed Monday, in observance of Presidents’ Day; therefore the week’s rally kicked off Tuesday, when all 11 sectors in the S&P 500 increased, led by gains in Real Estate, Utilities and Consumer Staples. Wednesday saw a slight pullback after the previous day of record finishes. Energy companies weighed on the S&P 500 index as the price of crude oil declined 1.4%. In housing news, mortgage applications continued their decline as longer-term interest rates inched upward; however, existing-home sales rebounded in January, recovering more than December’s decline. Furthermore, the minutes released from the Federal Open Market Committee’s January 31-February 1 meeting showed the central banks’ interest in raising interest rates fairly soon. The next day, the Dow Jones Industrial Average hit a 10th consecutive day of record closes, extending its longest streak of all-time highs in three decades. Initial jobless claims increased, as Department of Labor data showed new claims climbed by 6,000 to 244,000 in the past week. Indices closed Friday’s session in green territory, with the Dow closing at an 11th consecutive record high in late day momentum. New home sales jumped up in January, as Commerce Department data showed sales increased by 3.7% last month to an annual rate of 555,000, versus an expected pace of 586,000. In a final reading, the University of Michigan’s consumer sentiment index dipped to 96.3, from 98.5 in January.
