The Small Cap segment of the market led the way higher last week during the holiday shortened trading session. The Russell 2000 surged a percent on Tuesday alone on positive news out of Washington D.C. regarding tax reform.
For the major markets, the week was positive overall, just not to the same degree as the small caps. As is typical this time of year, the S&P 500 traded slightly higher most of the week with only a minor dip on Wednesday ahead of the Thursday holiday. The only real substantive market activity for the S&P 500 last week occurred on Tuesday.
Black Friday’s Session ended the week early with a shortened trading day as the NASDAQ and S&P 500 saw new record closing highs.
As of Friday, the major equity markets all sit with double digit gains for the year.
This week, participants will be captivated by the confirmation hearing of Jerome Powell as he goes through the process to replace Janet Yellen. Not much suspense is anticipated in this process as Powell is expected to maintain the same rate increase course that Janet Yellen has already telegraphed.