Week ending Aug. 18: With inflation in check, stocks post gains every day.
The dog days of August came to life as new market data showed inflation remains in check, diminishing the prospects of any further interest rate hikes. The Morningstar US Market Index posted gains every day last week, closing 3% ahead for the week ending Aug. 18.
The Morningstar Market Barometer was a sea of green, as the Morningstar Small Cap and Mid Cap indexes made it back into positive territory for the year to date. The Morningstar Large Growth Index was the only exception among the nine Morningstar style indexes to be in red for the year. The Morningstar Small Growth Index claimed the distinction of the week's best performer with a 5.7% gain, while the Morningstar Large Value Index brought up the rear with a still respectable 1.6% gain.
Smaller semiconductor stocks bounced back from their early summer swoon. SiRF Technology Holdings
Morningstar Large Cap Value Index heavyweight Pfizer PFE rose nearly 5% after a favorable patent ruling on the blockbuster drug Norvasc. Consumer goods giant Altria Group