The S&P 500 index rose to new highs last week as officials from the Federal Reserve’s policy-setting committee indicated they still expect to cut rates several times this year.
It’s now up 2.7% so far this month and 9.7% for the year.
The advance came as a two-day Federal Open Market Committee meeting concluded with no changes to the benchmark federal funds rate but with a narrow majority of Fed officials reaffirming projections for three rate cuts this year. That gave investors a big boost of confidence, sending stocks to fresh records.
Almost all sectors in the S&P 500 rose on the week, led by communication services, which climbed 4.8%. Technology and industrials rose 2.9% each, followed by a 2.8% increase in consumer discretionary and gains in all remaining sectors except real estate, which edged down 0.4%.
This week, investors will be focused on a revised reading of Q4 gross domestic product, which is due Thursday, and the February personal consumption expenditures index on Friday. February new home sales are expected on Monday and February pending home sales on Thursday.
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