Stocks rallied last week on receding fears of a widening banking crisis, led by resurging investor interest in technology and communication services names. The Dow Jones Industrial Average gained 3.22%, while the Standard & Poor’s 500 added 3.48%. The Nasdaq Composite index rose 3.37% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, advanced by 3.34%.1,2,3 |
Tech Leads RallyAn absence of further bad news in the banking sector made for a good week, with high-quality technology and communication services stocks leading the market. While easing banking worries laid the groundwork for the week’s positive gains, growing conviction that Fed rate hikes were ending and positive inflation data out of Europe helped support the renewed enthusiasm for stocks. Encouraging inflation data on the domestic front on Friday also added to the gathering optimism, igniting further gains to cap a satisfying week for investors. Inflation Grinds LowerIn an otherwise news-light week, Friday saw the release of February’s personal income and outlays report, which provides insight into inflation and consumer expenditures, the dominant contributor to economic growth. The Personal Consumption Expenditures Price Index (PCE), the Fed’s preferred measure of inflation, rose 0.3% for the month, below market expectations and below the prior month’s 0.6% jump. The year-over-year increase of 5.0% improved from January’s rise of 5.3%. Energy prices declined, partially offsetting increases in food, goods, and services. Personal income rose 0.3%, while consumer spending increased 0.2%.4 This Week: Key Economic DataMonday: Institute for Supply Management (ISM) Manufacturing Index. Tuesday: Factory Orders. Job Openings and Turnover Survey (JOLTS). Wednesday: ADP (Automated Data Processing) Employment Report. Institute for Supply Management (ISM) Services Index. Thursday: Jobless Claims. Friday: Employment Situation. Source: Econoday, March
31, 2023 This Week: Companies Reporting EarningsWednesday: Conagra Brands (CAG). Thursday: Constellation Brands (STZ). Source: Zacks, March 31, 2023 |
"Our destiny is in our hands [...] So let’s build the future we all know is possible. Let’s prove to our children that they really can reach for their dreams." – Michelle Obama |
What is the IRS Alternative Media Center?The IRS Alternative Media Center offers a variety of resources and accessibility services for visually impaired taxpayers. Using this platform, they provide tax-related content in several formats, including:
The IRS also offers enhanced accessibility services. Taxpayers can complete Form 9000, Alternative Media Preference, to choose how they would prefer to receive their tax notices (ex: in Braille, large print, audio, or electronic formats). They also have an accessibility helpline that can answer questions related to accessibility services. *This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov5 |
Controlling Different Kinds of Light to Help You Sleep BetterControlling your environment, including your exposure to light, may help you sleep better at night. Increase bright light exposure during the
day Reduce blue light exposure at least an hour before
bed Tip adapted from WebMD6 |
Two couples played paintball. Each person had blue, green, yellow, or red paint, and wore a uniform in one of those same colors. Barbara used blue paint. The person wearing green used yellow paint. Steven did not wear the red uniform. Vicki used green paint and wore blue. Ian used the same color paint as his t-shirt. Can you match each person to the color of paint and uniform they used?
Last week’s riddle: Name three consecutive days without using the words Monday, Wednesday, Friday, or Sunday. Answer: Yesterday, Today, and Tomorrow. |
Atacama Desert, Chile |
Footnotes and Sources
2. The Wall Street Journal, March 31, 2023 3. The Wall Street Journal, March 31, 2023 4. CNBC, March 31, 2023 5. IRS.gov, January 4, 2023 6. WebMD.com, November 16, 2022 |
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Weekly Market Insights: Banking Crisis Fears Dim; Markets Rally
April 03, 2023