Published on 22 Apr 2024 on Zacks via Yahoo Finance
Last week, two of the three most widely followed indexes closed out a third consecutive losing week, while one closed virtually unchanged. The S&P 500 and the Nasdaq Composite declined 3.1% and 5.5%, respectively, while the Dow Jones Industrial Average climbed less than 0.1%.
Closing out a five-month rally that started in November, stocks have recently struggled in apprehension of delay in rate cuts by the Fed. A recent string of hot inflation data, robust jobs data and geopolitical tensions in the Middle East meant that the central bank is not yet ready to commit to a timeline for cutting rates. During the week, Federal Reserve Chair Jerome Powell refrained from offering guidance on interest rate cuts, suggesting a preference for maintaining current policies for a longer period.