A very good week for market bulls as the prior week’s selling was all reversed. Last week we asked how many times can we rally on the same Federal Reserve juice. It seems indefinitely. Jerome Powell went on ’60 Minutes’ and talked dovish – that sparked a big rally Monday and it continued all week. The only down day all week was Thursday when the progress on the U.S. – China trade deal seemed to hit a delay.
A meeting between President Donald Trump and Chinese President Xi Jinping will be delayed until at least April, Bloomberg News reported, indicating that a bilateral trade deal will not be finalized this month. The news comes after Trump told reporters in the White House on Wednesday that he was in no rush to strike a trade agreement.
For the week, the S&P 500 added 2.9% and the NASDAQ rocketed 3.8%.Continue reading