Markets End Winning Quarter with Gains
The Weekly Update
Week of April 3rd, 2023
By Christopher T. Much, CFP®, AIF®
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%.
Tech Leads Rally
An 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 …
