Market Roundup: Mixed Moves End in Slight Gains for the Week as Fed Increases Interest Rates
The markets opened the week mixed as investors anticipated the Federal Reserve to raise interest rates later in the week.
The markets opened the week mixed as investors anticipated the Federal Reserve to raise interest rates later in the week.
The Dow Jones Industrial average kicked off the week closing at an all-time high for the 12th consecutive day on Monday, while the S&P 500 hit a new record level. The NASDAQ also eked out a gain.
The markets were closed Monday, in observance of Presidents’ Day; therefore the week’s rally kicked off Tuesday, when all 11 sectors in the S&P 500 increased, led by gains in Real Estate, Utilities and Consumer Staples.
The markets kicked off a week of new record highs, trading into record territory for a third straight session.
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The markets kicked off the week by closing in the red zone on Monday. Corporate earnings likely drove some of the bigger moves of the day. The next day, the indices landed in green territory, as the Dow Jones Industrial Average maintained gains while the NASDAQ closed at a new record high.
Indices closed in the red zone on Monday, likely a result of President Trump’s comments that he would “shake up” trade, taxes and regulations.
For most of last week, the market was fairly lackluster. While the U.S. markets were closed Monday in honor of Martin Luther King Jr., the British pound dropped to a three-month low, which led to a decline in the FTSE 100 and Stoxx 600 in Europe.
Opening the week, declines in Energy sector shares weighed heavily on the S&P 500 index and the Dow Jones Industrial Average as oil prices experienced their biggest daily drop since November.
The markets regained their footing as the Dow Jones Industrial Average, S&P 500 and the NASDAQ posted week-over-week gains at the close of the first week of the new year.