Last Trading Week of May Ahead
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It had to happen at some point. Yes, Wall Street finally broke its 4-week winning streak, with the major indices down overall this past week amid Fed tapering worries (even as "don't fear the taper" became a rallying cry by some), a Nikkei plunge and weak manufacturing data from China.
But one particular record still held, as the Dow rose for a 19th straight Tuesday before the slump began in later trading Wednesday. This is the longest Tuesday streak in history and the second-longest weekday streak ever (good cocktail party fodder: the longest streak ever was in 1968, when the blue-chip index was up for 24 straight Wednesdays). Will we go for 20 Tuesdays when Wall Street opens next week after the long holiday weekend? Stay tuned.
Retailers had a tough time this week, with Gap, Abercrombie & Fitch, Aeropostale and Sears (SHLD) all sinking following disappointing earnings and same-store sales. Next week we'll see another trickle of retailers on the earnings front, including Costco (COST), Tiffany (TIF), DSW Inc. (DSW) and Wet Seal (WTSL).
The last week in May will also bring data including a second pass at Q1 GDP, a read on consumer confidence and some more housing numbers. Here are some other items investors and headline watchers should be looking out for in the week ahead:
Sunday, May 26
Bank of Japan Minutes
Monday, May 27
U.S. Markets closed for Memorial Day holiday
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