First weekly gain in five for US stocks

The S&P 500 closed at 1,120.68 on Friday, down for the day but up 2.5 percent over the previous week. This was its first weekly gain in five weeks.

The recent low for the S&P 500 is 1,084.10, which it closed at on 17 May. That low is 6.4 percent below the recent high of 1,157.76 hit on 11 Feb.

So the recent correction has been relatively mild so far.

I suspect there will be more weakness to come, though. While I think interest rate hikes have been largely priced into the market, high oil prices and turmoil in Iraq will create uncertainties in investors' minds and deter them from putting more money into the market in the immediate future.