Friday had little to add to a week of big developments that included the Federal Reserve’s first rate hike since 2018 and a slew of improving economic indicators. But it did tack on more equity gains to an already fruitful week.
Today, President Joe Biden sought to dissuade China from aiding Russia in its invasion of Ukraine, laying out potential economic and political consequences to his Chinese counterpart, Xi Jinping, in a nearly two-hour phone call.
Also Friday, the National Association of Realtors said existing-home sales declined in February, by 7.2% to a 6.02 million-unit pace. But Wells Fargo strategists warn that “while it is tempting to blame rising mortgage rates for February’s larger-than-expected drop, the decline continues a recent pattern with annualized sales bouncing around from month-to-month.”
Technology (+2.1%) and consumer discretionary stocks (+2.1%) continued their relief rally Friday, helping the major indexes maintain their momentum heading into the weekend.
The Dow Jones Industrial Average (+0.8% to 34,754), S&P 500 (+1.2% to 4,463) and Nasdaq Composite (+2.1% to 13,893) all finished with their heads well above water.
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That resulted in weekly 5.5% and 6.2% gains for the Dow and S&P 500, respectively, both of which enjoyed their best weekly improvements since November 2020. That also was true of the Nasdaq, which closed out the week up 8.2%.
Other news in the stock market today:
- The small-cap Russell 2000 closed 1.0% higher to 2,086.
- U.S. crude oil futures improved by 1.7% to finish at $104.70 per barrel, ending the week with a 4.2% gain.
- Gold futures declined 0.7% to settle at $1,929.30 per ounce, posting a 2.8% weekly loss.
- Bitcoin strengthened into the close, climbing by 3.3% to $42,240.62. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
- Boeing (BA, +1.4%) shares closed in the green amid a Reuters report that the firm is nearing a deal with Delta Air Lines (DAL) to secure as many as a hundred 737 Max 10 jets, according to people familiar with the matter. Reuters notes this would be “the first order from Delta for Boeing’s best-selling single-aisle airplane family, and the first major Boeing order for the carrier in a decade.”
Use Big Dividends to Battle High Inflation
One clear takeaway from this week: Higher interest rates are here, and more of the same is on the way.
“Coming exactly one week after the end of the quantitative easing (QE) process, the Fed is embarking upon a clear move higher in rates and is signaling future …….
Source: https://www.kiplinger.com/investing/stocks/604427/stock-market-today-031822-best-weekly-gain-2020
