Stocks closed the week modestly higher as the S&P 500 Index moved into bull market territory, or up more than 20% off its mid-October lows. Market advance is broadening, with small-caps outperforming large-caps, and value shares outperforming growth stocks. An equally weighted S&P 500 Index also rose more than its capitalization-weighted counterpart for the first time in eight weeks and by the largest margin since late March. On Thursday, the US Labor Department reported that weekly jobless claims had jumped to 261,000, well above expectations and the highest level since October 2021. Data released on Tuesday showed a surprisingly large contraction in the ISM services sector, but the silver lining for investors was evidence of a continuing decline in services prices, which have remained “sticky” in relation to moderating prices for goods, food, and energy. Despite this, longer-term Treasury yields rose modestly over the week, as investors worry about the upcoming flood of issuance of short-term bills now that the federal debt ceiling has been raised. The pan-European STOXX Europe 600 Index ended the week slightly lower while Japan's stock markets rose over the week, reaching fresh 33-year highs, with the Nikkei 225 Index gaining 2.4% and the broader TOPIX Index up 1.9%. Chinese equities were mixed after the latest inflation data increased concerns about the country’s faltering post-pandemic recovery.