Weekly Market Report for May 30-June 2, 2023

Weekly Market Report for May 30-June 2, 2023
  • Markets
    • Dow Jones Industrial Average   +2%
    • S&P 500   +1.3%
    • Russell 2000   +3%
    • NASDAQ   +0.6%

All major U.S. equity markets finished the week higher as Congress passes a U.S. debt deal. The House of Representatives passed the bill aiming to limit government spending until the 2024 election and prevent a potential U.S. default. The Senate approved the bill to suspend the nation’s debt ceiling on Friday.  A default could have had severe economic consequences as the U.S. credit rating would have been called into question. The fact that we avoided this scenario added stability to the markets. Pivotal payroll numbers released on Friday pointed toward more job openings and an increased number of individuals added to payrolls. The level of job growth the economy is experiencing at this stage in a recovery is almost unheard of. The combination of jobs and debt-deals sent markets soaring. 

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