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It was the Janet Yellen show on Wall Street yesterday as stocks opened moderately lower, but as soon as Ms. Yellen stepped behind the microphone, stocks blasted off and never looked back. The gains were not huge, less than 1% (although small caps and the I-fund had big days), but the reversal was impressive. The Dow gained 98-points while the S&P 500 added 0.88%. Bonds were also up as the AGG broke out to new highs.
Stocks were relatively flat on Monday although there were some intraday modest gyrations after the shooting at the U.S. the Capitol Visitor Center. The Dow ended the day up 20-points, the S&P 500 was up 1, and the Nasdaq was down 6. Volume was quite light - the lightest of the year for the S&P 500. Janet Yellen speaks this week and we get the March jobs report on Friday so it could be quiet week mixed with occasional fireworks.
Stocks were flat on the Thursday before the long market holiday weekend but closed well off the lows potentially creating a positive reversal day, but pre-holiday trading can be very unpredictable so I won't call it a reversal officially. The Dow gained 13-points while the S&P 500 closed just slightly in the red.
Stocks eased up this week after five straight positive weeks. The market held up after the news of the Brussels attacks but traders took cover after some hawkish comments by FOMC members. Pullbacks are healthy for markets especially after long upward momentum. Most of these indices have support lines to help the bull cause when things get shaky and there is still possible major resistance that traders want to test to find this market's true character and
Besides the G-fund, all the