Markets
Stocks rose over the short trading week on fresh hopes for a quick end to the Middle East conflict, while March job growth was unexpectedly strong.
The Standard & Poor’s 500 Index picked up 3.36 percent, while the Nasdaq Composite Index gained 4.44 percent. The Dow Jones Industrial Average added 2.96 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, advanced 2.59 percent over the four trading days through last Thursday.¹
Stocks Rebound
Stocks were under pressure to start the week. Investors looked past comments from Fed Chair Powell that inflation expectations “appear to be well anchored beyond the short term,” despite concerns over the Middle East conflict’s potential inflationary effects.² ³
However, sentiment shifted on Tuesday, with stocks closing out Q1 on a high note, reflecting renewed investor hope for an end to the conflict. The S&P 500 posted its best day since May of last year.⁴
Momentum continued into Wednesday, with comments from the White House giving investors more confidence that a resolution was coming. A stronger-than-expected retail sales report also buoyed enthusiasm.
Stocks dipped but then rallied on Thursday, ending the session with a slight gain and helping stock prices break a 5-week losing streak.⁵⁶
Jobs Update… Much Better Than Expected
U.S. stock markets were closed on Friday, but investors were on the lookout for the March jobs report.
Employers added 178,000 jobs in March—an unexpected increase that marked the best month in over a year. Economists had expected a gain of 59,000 jobs. Unemployment fell to 4.3 percent from 4.4 percent in February.
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