Markets are rallying, and the S&P 500 is on track for its fourth positive weekly gain. The index is heading back towards the key resistance point of 4258, followed by 4,304.
Technology is leading this afternoon and semiconductors are strong with the PHLX Semiconductor index up 2.44%.
The University of Michigan reported its preliminary number for the month of August this morning. We saw a decent increase in consumer sentiment, but it is still an extremely negative reading.
The report also shows a pretty high number when it comes to 5-10 year inflation. This indicates higher prices are becoming entrenched in the minds of consumers, and corporate America, which could make the Fed get even more aggressive.
Have a great weekend.
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