Financial News and Portfolio Management Discussion through March 21st
US Stocks rose over the week on the dovish comments from the Fed meeting. The S&P 500 gained 2.7% and the Dow rose 2.1% for the week. The Russell 2000 hit a record high Friday and is up 5.4% for the year. Internationally, Europe gained 1.9% and Japan was up 1.6% for the week. The 10 year Treasury yield eased on the Fed news falling to 1.93%.
After the Fed’s most recent meeting the FOMC adjusted language to remove the statement that they would be “patient” before raising rates. The change opens the door to a possible rate increase at the June meeting, however the Fed also lowered its economic projections. The change moved market expectations for an interest rate increase to later in the year.
US industrial production rose 0.1% in February but manufacturing eased. Both readings were below expectations.
FedEx’s profit jumped 53% on restructuring and lower fuel costs, but the firm lowered its full year outlook.
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