Dow Jones Industrial Average and S&P 500 fall for the week.
The Dow Jones Industrial Average (NYSEARCA:DIA) fell for the week, along with the S&P 500 (NYSEARCA:SPY) and Nasdaq (NYSEARCA:QQQ) also posted slight declines.
For the week, the Dow Jones Industrial Average fell 0.5%, the S&P 500 was off 0.2% and the Nasdaq was also down 0.2%.
VIX (NYSEARCA:VXX) rose sharply for the week to close at 11.29 compared to last week’s close of 9.14.
Weakness in the markets was driven by the tax bill working its way through Congress. The tax plan has been a long hoped for boost to the economy but differing versions in the Senate and House are complicating the possibility of a rapid passage by year end.
Earnings have been positive and the Fed remains on track for a widely anticipated but small rate hike in December.
Economic reports for the week were slim with the major news showing a drop in November consumer sentiment.
Next week brings a more robust calendar with consumer prices and October retail sales on Wednesday, the Philadelphia Fed and industrial production on Thursday and October housing starts on Friday.
The last word: The Dow Jones Industrial Average and major stock indexes remain overbought near recent all time record highs. Quiet trading can be expected this week and next but the rally should continue into Christmas as investors hope to lock in yearly gains.