Everything's Amazing and Nobody's Happy
Good morning, and welcome to the Weekender for Saturday, May 18, 2024. This week, US equity markets, as measured by the S&P 500, rose by 1.5% and 11.2% yearly. In other news, the 128-year-old Dow Jones Industrial Average, comprised of only thirty stocks, closed above 40,000 for the first time. The record came courtesy of a last-minute lurch forward on Friday, capping off a week where slightly lower-than-expected inflation readings stoked hopes that the Federal Reserve would soon take a victory lap on inflation and begin lower interest rates.
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