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Posted each Saturday
The highly anticipated results of the healthcare vote never manifested as the republicans pulled the bill because they did not have the votes to pass it. The anticipation shook the market up early in the week but in the end stocks didn't react much to the non-vote on Friday afternoon. If anything it was positive.
Investors will now have their attention focused on the tax reform negotiations, which is really what they're interested in. That and the debt ceiling fiasco could set the
Stocks kept within a tight range to start the week off as anticipation of the FOMC meeting kept traders at bay. The Fed did raise rate basis 25 points and forecast two more rate hikes this year. Traders, most likely initiated by trading programs, bought the Fed rate hike and we saw decent rallies in stocks and bonds. The bulls failed to build on Wednesday's rally and instead we saw some profit taking to pull stock back a bit and again stocks ended the week in a tight trading range.
Stocks were down early this week kicking off a change in momentum in the major indices. The week continued with some weak closes and a jobs report which helped to wipe out some of the losses for the week.
The February jobs report came out with an addition of 235,000 jobs and 4.7% unemployment. This put stocks up early Friday but traders were quick to sell. Dip buyers showed mid-day to bring back some of those gains.
This week we will likely see a rate hike from the Fed
Large caps produced large gains Wednesday following Trump's speech and his session with congress Tuesday. Many market analysis predicted a 'sell the news' reaction to Trump's speech but alternatively market players liked what he had to say. Traders took their profits Thursday taking the indices off their highs for the week and with slight gains on Friday the S&P ended the week with a 0.7% gain.
Janet Yellen made comments that indicate a rate hike is coming soon. The jobs report
Stocks were mixed this week as we saw gains in large caps (C-fund) while small caps (S-fund) fell slightly. The Dow Jones Industrial Average was up again Friday thanks to late buying in the last hour of trading to give the index its 11th consecutive day of gains. Utility stocks kept the S&P 500 in positive territory this week while financial stocks were underperforming as government bond yields dropped.
Talks of potential policies from the Trump administration, including tax cuts,