Jan 8, 2024 - Economy

Stock market's streak of weekly gains ends at nine

S&P 500 performance
Data: FactSet; Chart: Deena Zaidi/Axios Visuals

The S&P 500 snapped its string of consecutive weekly gains last week.

Why it matters: The streak of nine straight weekly gains lifted the stock market index as much as 16% at points.

  • It was the longest weekly winning streak since January 2004.

State of play: A bit of a retreat from the sharp rally at the end of last year, as well as concern about higher oil prices and potential trade disruptions related to violence in the Middle East all helped take the spring out of investors' step in the first week of 2024.

What to watch: Coming up this week, the latest report on U.S. consumer price inflation, due Thursday, will likely be the market's main event.

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