Financial News for the Week Ending March 22nd
US stocks pushed higher over the week on positive economic news after some volatility brought out by Fed comments. The S&P 500 rose 1.4%, while the Dow rose 1.5%. Europe posted gains up 1.8%, but Japan was down 0.7%. The yield on the 10 year Treasury rose over the week finishing at 2.75%.
At Chairwoman Yellen’s first post FOMC press conference investors took away a mixed message that rattled markets. She stated that the Fed plans to keep short term interest rates near zero into 2015, but rate increases could come sooner and be more aggressive than investors previously had expected. The Fed expects to raise rates six months after the conclusion of the bond buying program, which could occur this fall. The Fed cut its monthly bond purchases by $10 billion down to $55 billion and stated it would no longer strictly look to the unemployment rate as a guide and consider a host of economic factors when it looks to start raising rates.
The Philadelphia Fed Reserve manufacturing activity index for March came in above expectations.
Eurozone consumer confidence reached its highest level since 2007.
Oracle’s earnings rose, but fell short of analysts’ expectations.
FedEx’s earnings fell over their fiscal third quarter due to adverse weather, and, according to FedEx, problems from retailers.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC