S&P500 +0.55%(2,747.30); NASDAQ +1.35% (7,337.39); DJIA +0.36% (25,309.99)
This week’s reports:
- February’s Markit Manufacturing PMI rose to a 40-months high of 55.9 from January’s 55.5. Services PMI rose to a 6-months high of 55.9 from January’s 53.3. Composite PMI rose to a 27-month high of 55.9 from January’s 53.8.
- January’s Existing Home Sales fell 3.2% from December’s -3.6%.
- Initial Jobless Claims for the week ending February 16th fell by 7K to 222K. Continuing Jobless Claims for the week ending February 9th fell by 73K to 1,875K.
- US stocks rallied at the endo of the volatile week as investors grew confident that the Jerome Powell-led Federal Reserve won’t rush to raise interest rates as the economy picks up steam. The S&P 500 has gained 4.9% over the past two weeks, its largest two-week gain since February 2015.
- In its latest report to Congress, the Federal Reserve gave no signs it was planning to hike rates faster than currently expected, reflecting uncertainty among senior officials about how fast inflation will rise this year.