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.
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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.
