Weekly Market Report for March 27-31, 2023

Weekly Market Report for March 27-31, 2023
  • Markets
    • S&P 500   +3.2%
    • Dow Jones Industrial Average   +3.1%
    • NASDAQ   +3%
    • Russell 2000   +3.1%

U.S. stock markets soared this week on positive inflation news. A key gauge of U.S. inflation rose by less than expected and consumer spending stabilized, suggesting the Federal Reserve could be close to ending its most aggressive rate hike cycle in decades.The key inflation gauge referenced is called personal consumption expenditures (PCE), which is the Fed’s preferred infaltion gauge.PCE dropped from 5.3% in January to 5% in February, suggesting inflation data continues to move in the right direction. Consumer spending numbers came in better than expected. Since consumer spending comprises two-thirds of domestic economic output, a stabilized spending report boosted the outlook for both the economy and stocks.

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