In this month’s recap: the S&P 500 returns to record territory, key economic indicators show strength, oil continues its ascent, and existing home sales decline.
Wall Street shifted its focus from trade to earnings in April. On that front, the news was good: through April 26, first-quarter results for S&P 500 firms had beaten expectations by 5.3%, a bit better than the historical average of 4.8%. A strong first-quarter gross domestic product reading and solid consumer spending and hiring numbers did much to quell worries about the economy slowing. Existing home sales retreated again; mortgage rates went north again. Oil prices rose. Bullish sentiment was palpable.1