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Dollar advance halts on below expected inflation
US stock market rebounded last week as earnings season winded down and inflation data showed the pace of consumer prices increase was slower than expected. The SP 500 closed up 2.3% while the ICE dollar index slipped 0.1% for the week.
The SP 500 rose every session last week except Tuesday. It advanced 0.4% Monday. The broad market index slipped 0.03% Tuesday as President Trump announced the US would abandon the nuclear deal with Iran. It rallied 1% Wednesday led by energy shares as the price of Brent international oil benchmark jumped 3.2%. The SP 500 rose 0.9% Thursday buoyed by technology rally. It gained 0.2% Friday led by healthcare shares.
The ICE US dollar index rose every session last week except Thursday and Friday. The dollar gained 0.2% Monday. It rose 0.3% Tuesday. The ICE dollar index edged up 0.02% Wednesday but fell 0.4% Thursday as the consumer price index rose 0.2% on month in April when 0.3% increase was expected. The dollar index lost 0.2% Friday as the 0.3% rise in import price index in April was smaller than an 0.5% expected gain.
US retail sales and UK employment reports Tuesday, the first quarter Japanese GDP report Wednesday are the major economic events this week. Companies like Home Depot, Walmart and Cisco are among those announcing earnings this week as the earnings season nears an end.
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