By Angie Hembury for VectorVest
Stocks began the week sharply lower as early declines were exacerbated by comments from non-voting Atlanta Fed President Dennis Lockhart stating that he would support further tapering. The Major Indexes all experienced their biggest decline so far this year with the Dow plunging 1.09%, the S&P 500 plummeting 1.26% and the Nasdaq, Monday's biggest decliner, sinking 1.47%.
Better-than-expected Retail Sales data gave investors a reason to buy stocks Tuesday and the Major Indices posted a win across the board. The Dow rose 115.92 points, the S&P 500 gained 19.68 points and the Nasdaq added 69.71 points.
A positive economic outlook from the Fed's Beige Book report combined with a budget agreement by the House of Representatives to keep the upside momentum rolling mid-week. The Dow gained 0.66% to end at 16,481.94, S&P 500 jumped 0.52% to close at 1,848.38, a new record high and Nasdaq grabbed 0.76% to end at 4.214.88.
The Major Indices ended Thursday's session mixed after disappointing results from Goldman Sachs (GS) and Citigroup (C) dented sentiment. The Dow faltered 0.39% and the S&P 500 fell a modest 0.13%, while the Nasdaq picked up a slight 0.09% gain.
The Major Indices were mixed again Friday as a mixed bag of economic data, with failing Housing Starts and rising Industrial Production, and disappointing earnings results from Intel (INTC) and General Electric (GE) kept investors mostly on the sidelines.
The Mighty Dow managed to pick up 41.55 points, while both the S&P 500 and the Nasdaq took a hit for the day, falling 7.19 points and 21.11 points, respectively. The Dow racked up its first weekly win of the year and the Nasdaq continued to move higher, making it the only index that has yet to experience a weekly loss this year, while the S&P 500 didn't fare as well notching an overall loss for the week. And that's The Market In Review.