Stocks posted impressive weekly gains as a relatively dovish Fed policy meeting, healthy economic data and strong earnings all boosted sentiment toward equities. The main US equity indices (Dow Jones, S&P 500 and the Nasdaq) all reached record highs. Growth, Tech stocks and small-caps outperformed. Oil prices dropped from their recent highs, hurting energy stocks. U.S. Treasury yields decreased amid the Fed’s signals that it will take a patient approach toward monetary policy tightening. Shares in Europe rose on strong corporate earnings results and signals from the ECB that interest rates would stay low for some time. Japanese equities were buoyed over the week by the convincing election victory of PM from LDP. Chinese markets recorded a weekly loss as headlines about the beleaguered property sector and a growing COVID-19 outbreak across the country dampened sentiment. Cryptos were mixed. The sterling plunged. Have a great week-end.
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