There were few strong economic reports last week. Perhaps the most impressive print was the U.S. Initial Jobless Claims, which fell to 350,000, but the bounce from this data was tepid at best.
In the U.S., domestic consumption has historically been a large contributor to economic growth, so the country is more likely to see a decline in holidays spending due to current economic conditions.
Last week, every major central bank had something to say. As a result, macroeconomics and monetary policy drove markets.
Canadian investors were treated to a shortened week thanks to the Victoria Day holiday, but equity markets couldn't escape the continuous banter and woes surrounding Greece and its unstable future.
Apple, downgrades, GDP and FOMC - The four things that can basically sum up this week.
Investors were bombarded with a lot of information this week from economic data, to monetary policy reports, to corporate earnings.
After the Easter holiday weekend, investors returned to the market and were indecisive as North American indices finished the week almost where they started.
There is no doubt that comments from the Federal Reserve, and Ben Bernanke in particular, influence the markets.
The past week will likely be remembered as one that started and finished quietly, but made a lot of noise in between from an economic perspective.
While the beginning of the week was relatively quiet, the markets finished off February with a bang as two significant events happened on Wednesday sending the market in two completely different directions.