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US stocks dipped Friday but ended with a gain for the week after the Fed meeting kicked off a rally.
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Major averages gained for the week as the central bank indicated three rate hikes on tap this year.
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Bitcoin ETFs saw their worst week of outflows since they debuted in January.
US stocks dipped on Friday, but ended the week with a gain, bolstered by a two-day rally that kicked of Wednesday following the Federal Reserve’s policy meeting.
The S&P 500 has rallied 2.3% in the past five days, with the Nasdaq and Dow Jones Industrial Average up 1.7% and 1.6% respectively. The S&P 500 and the Dow each hit back-to-back record closing highs on Wednesday and Thursday.
Optimism in the week was fueled by dovish Fedspeak that came out of the central bank’s March meeting. The FOMC’s latest dot-plot has penciled in three interest-rate cuts for 2024, in line with traders’ predictions per the CME FedWatch Tool.
Meanwhile, bitcoin ETFs saw their worst week since they debuted at the beginning of the year, recording four consecutive days of outflows totaling $836 million, per Fundstrat.
Here’s where US indexes stood at the closing bell at 4:o0 p.m. on Friday:
Here’s what else is going on:
In commodities, bonds, and crypto:
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