Market Recap: Volatility and Anticipation Dominate Trading

Hawkish comments from Fed Chair Powell kicked off the week with Wall Street in the red, as hopes for a March interest rate cut dimmed. The Dow, S&P500, and Nasdaq all saw declines, with the Dow falling by 0.7%, the S&P500 by 0.3%, and the Nasdaq by 0.2%.

Despite concerns about New York Community Bank’s overall health, Tuesday saw a turnaround with strong corporate earnings from Eli Lilly and Spotify, boosting sentiment. The major indexes closed higher, with the Dow, S&P500, and Nasdaq finishing 0.4%, 0.2%, and 0.1% higher, respectively.

Wednesday brought further gains as Chipotle, CVS, and Ford reported earnings beats, along with optimistic forward outlooks, giving investors reason to buy stocks. The Dow climbed 0.4%, the S&P500 added 0.8%, and the Nasdaq surged 1.0%.

Thursday’s session saw the major indices closing higher yet again, buoyed by upbeat earnings from Disney and ARM Holdings. Both the Dow and the S&P500 rose 0.1%, while the Nasdaq picked up 0.2%.

Wall Street closed out the week mixed on Friday as investors digested some downtrodden earnings and a revised December Inflation report. The Dow finished 0.1% lower, the S&P500 increased 0.6%, and the Nasdaq soared 1.3%.

Overall, all three major indices managed to move higher for their fifth consecutive week, wrapping up a week of volatility and anticipation on Wall Street.

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