Markets
Stocks pushed higher last week, spurred by the White House’s reassuring comments that progress was being made with trade talks.
The Standard & Poor’s 500 Index gained 4.59 percent, while the Nasdaq Composite Index picked up 6.73 percent. The Dow Jones Industrial Average lagged, adding 2.48 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased by 2.86 percent.1,2
Markets Rally, will it last?
Markets opened the week lower as investors continued to fret about China trade tensions. But sentiment quickly shifted.3
Stocks rebounded Tuesday following news that the administration intended to de-escalate tensions with China over tariffs. The rally extended through two more consecutive sessions as investors responded favorably to reassuring comments from the administration.
Markets also were encouraged after the president said he had “no intention” of firing the Fed Chair Powell. They also liked hearing Treasury Secretary Scott Bessent’s comments that the U.S. had an “opportunity for a big deal” with a key trading partner.4,5
Megacap tech stocks, which had been under pressure for several weeks, regained momentum during the week, leading the market’s advance.
Housing Market Update, surprise, surprise
Fresh housing data released last week showed the median price for a newly constructed home ($403,600) and an existing home ($403,700) were virtually identical in March. This is unusual.
Typically, the average new home costs more than the average existing home. But last month, the median new-home price while the median existing-home price rose and hit a new all-time high.8
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