Stuck in a Rut – The losing streak for the Dow extended to seven weeks the longest such string for that index in decades-while the S&P 500 and NASDAQ fell for the sixth week in a row. Each index dropped around 2% to 3% and the S&P 500 retreated to its lowest level since March 2021.
Powell’s Second Term – The U.S. Senate on Thursday voted 80 to 19 to approve a second four year term for U.S. Federal Reserve Chair Jerome Powell. The 69-year-old was initially appointed by President Trump in 2018, and President Biden reappointed Powell this year.
Buyback Record – The value of stock that companies in the S&P 500 repurchased in the 12 month period ended March 31 broke a record, according to S&P Dow Jones Indices. As of Friday, buybacks totaled $953 billion so far-not all companies have reported their first quarter buyback figures-surpassing the previous record of $882 billion set in the 12 months ended December 31, 2021.
Top News to Watch this Week
Return to Bonds – Prices of U.S. government bonds mounted a modest comeback, sending the yield of the 10-year U.S. Treasury bond down to around 2.93% on Friday. That marked a big reversal from the previous week, when the 10-year yield rose to 3.13% after eclipsing the 3.00% level for the first time since November 2018.
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