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US stock markets record strongest week since July

US stock markets delivered a second straight week of gains despite continuing concerns about inflation and higher bond rates.

Over the week, the Dow Jones gained 1.6% and moved back above 35,000 points.

The S&P 500 climbed 1.8% and the Nasdaq outperformed, jumping 2.2% with financials a key contributor to the sustained strength.

Retail sales surprised to the positive, moving 0.7% higher in the month and 14% year-over-year.

Goldman’s record year

The banking sector has opened reporting season with a bang, with Goldman Sachs (NYSE: GS) delivering its best full-year revenue result, up 30% on 2020 levels, despite only being nine months in the year.

Goldman Sachs’ consumer business is also performing well with its Apple (NASDAQ: AAPL) credit card and neobank division seeing sales growth of 35%.

It was a similar story at JP Morgan (NYSE: JPM) where investment banking profit bounced 52% as the bull market for deals, SPACs, IPOs and everything in between moves to another level.

Friday’s US stock market movers

These reports drove the Dow Jones’ outperformance on Friday, which finished 1.1% higher, beating the S&P 500 and Nasdaq, up 0.8% and 0.5%, respectively.

Tesla (NASDAQ: TSLA) also reached a short-term high, jumping 3% ahead of this week’s earnings result.

Here’s how other popular US stocks performed on Friday to close out the week.

Back home on local markets, the ASX 200 is set to follow this positive lead to open higher on Monday. For all the latest, check out my ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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