Market Roundup: Roller Coaster Week Ends Positive for the Markets

Economy/Stock Market

The markets started the week on a down note as investors looked for clues about whether trouble overseas could begin to depress U.S. growth. Adding to the pressure, investors are worried about the Federal Reserve’s plan for raising interest rates. A drop in crude oil brought energy stocks down. With Tuesday’s jump in oil prices, energy brands rose and brought the market indices along for a green finish. Measuring consumer confidence, the Conference Board data hit 98.1 for January versus a reading of 96.3 in December. Mid-week, U.S. stocks declined as the Federal Reserve kept a March increase in interest rates on the table, unnerving investors after weeks of sharp swings in global markets. The Fed said in its policy statement that it is “closely monitoring” developments in global economies. Reversing course again on Thursday, the markets closed up in the wake of favorable earnings and on word of a proposed five percent production cut from Saudi Arabia. The rally continued Friday with Blue Chip brands leading the way. Also adding to the gains, manufacturing in the Midwestern region stepped up this month. The Chicago Purchasing Managers Index registered a reading of 55.6 in January, up from December’s reading of 42.9 and well beyond an expected score of 45.