Overnight Market Brief – 21 March 2022
Last week, the three major averages notched their best week since November 2020, boosted largely by growth stocks. The S&P 500 surged 6.1% from Monday to Friday. The Dow Jones Industrial Average ended the week 5.5% higher, and the technology focused Nasdaq Composite spiked 8.1%. The S&P 500 recouped nearly half of its correction losses last week as investors received highly anticipated clarity from the Federal Reserve, which raised interest rates for the first time since 2018. The central bank signaled it expects to raise rates at its remaining six meetings this year. Market participants are also monitoring the war between Russia and Ukraine. Ukraine’s President Volodymyr Zelenskyy warned that if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a third global war. Ukrainian and Russian officials have met intermittently for peace talks. Turkey, acting as mediator, has said progress has been made on both sides.