Markets
Stocks notched a solid gain last week as upbeat comments from the Fed helped stocks snap their four-week losing streak. Yet, with so many swirling headlines, one can call the action, “March Madness”.
The Standard & Poor’s 500 Index rose 0.51 percent, while the Nasdaq Composite Index picked up 0.17 percent. The Dow Jones Industrial Average led, gaining 1.20 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.75 percent.1,2
A much needed ‘bounce back’
Stocks opened the week higher despite weaker-than-expected retail sales. On Tuesday, stocks pulled back on disappointing economic data and renewed Middle East tensions.3,4
Stocks roared higher Wednesday as investors looked forward to the Federal Reserve’s meeting. As widely expected, the Fed kept rates steady, but Fed Chair Powell’s comments buoyed investors’ spirits.5
Stocks dipped Thursday and opened lower Friday, but investors showed some confidence by pushing prices higher into Friday’s close.6
The Federal Reserve holds steady
Amid all the market turbulence of late, the Fed was a steadying influence.
At his post-meeting press conference, Fed Chair Powell stressed that the economy remained strong and suggested that any impact from tariffs on inflation would be short-term.
But the primary reason investors cheered came down to this: most Fed officials still penciled in two interest rate cuts for this year. In late January, Powell said the central bank was in no hurry to adjust its policy stance, which unsettled the markets.7
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