Last week, the S&P 500 saw the largest weekly gain in nearly 2 years, as reported by Marketwatch. Strong housing data, the stabilization (at least for the time being) of ebola worries and strong earnings reports from Procter & Gamble and Microsoft contributed to the dramatic move higher. The index was up 13.76% or 0.7% to 1, 964.58. In one week, it gained 4.1%, its biggest rise since January.
This follows several weeks in which some analysts were bearish on stocks given geopolitical tensions, low oil prices, ebola fears and weakness in Europe. However, a report from the U.S. Commerce Department that home sales were up last month to 467, 00, the highest in six years, increased confidence in the economy.
Results of the stress test for European banks, which shows 25 of them failing the test, a report from the Federal Reserve mid-week, news of the current ebola case in New York and earnings reports are expected to drive stocks next week.