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The Last Week in Review:

Last week the market turned on a dime and appeared to be on the road to a bullish run. But is this rally for real or just a bounce? The benign CPI and PPI reports on inflation increased investor confidence that the Fed appears to have successfully engineered a soft landing. The Dow rallied 293 and is now up 6.2% for the year, while the S&P 500 gained 35 points, adding to its year-to-date gain of 4.3%. The NASDAQ outperformed all the indexes as it gained 106 points, and reduced its year-to-date loss to just 1.9%. The Russell 2000 rose by 32 points, raising its year-to-date gains to 5.7%.

The favorable PPI and CPI reports indicated that inflation is under control and the Fed could be through with the current rate hikes. The core-PPI for July, reported last week, actually fell by 0.3%, while expectations were for a 0.2% increase. The core-CPI showed just a 0.2% increase after four monthly increases. Also giving the markets a boost was a drop in oil prices due to the cease-fire between Israel and Hezbollah. Crude oil ended last week at $71.10 or 4.4% lower.

To read the rest of this weeks Market Commentary please click here. OTC Digest