Stocks pulled back sharply over the week, as investors absorbed more tough talk from Federal Reserve Chair Jerome Powell and signs that he and his fellow policymakers still had work to do in cooling inflation and the hot labor market.
Stocks closed higher and regained some ground following their worst weekly decline in two months.
A cascade of upside inflation and growth surprises pushed the S&P 500 Index to its worst weekly loss since early December.
The major indexes ended mixed as investors weighed some healthy growth and profit signals against worries that inflation trends might be taking an unfavorable turn.
The major benchmarks ended lower in a week with relatively few important economic releases or other concrete drivers of sentiment.
Most of the major indexes extended their winning streaks into February, helped by some upside surprises in economic data and fourth-quarter earnings reports, as well as what some saw as encouraging signals from the Federal Reserve.
Stocks resumed their winning streak, as investors appeared to welcome some hopeful signals that the economy might skirt a recession in 2023.
The major indexes ended mixed for the week as recession fears appeared to weigh on sentiment. The narrowly focused Dow Jones Industrial Average performed worst and gave back a portion of its strong rally in the first two weeks of the year, while the technology-heavy Nasdaq Composite recorded a modest gain.
Stocks recorded a second consecutive week of gains as investors weighed key inflation data and quarterly earnings reporting season kicked off in earnest on Friday.
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ClearWater Market Commentary as of March 17th, 2023
The major indexes closed mixed for the week, reflecting the crosscurrents of stresses in the banking sector, worries that a steeper slowdown in the economy would follow, and hopes that the Federal Reserve would now be forced to moderate or even pause in its rate-hiking cycle.