U.S. stocks posted another week of declines. The S&P 500 fell 2.7% and the Dow was down 1.9% for the week. Foreign stocks also declined with the FTSE All World Ex US down 0.8% for the week. Negative effects from Russia’s invasion of Ukraine, high inflation, and Covid lockdowns in China continued to push global markets lower. US crude ended the week at $102.07 per barrel down from $106.95 the week prior. The 10-year Treasury yield rose to 2.90% from 2.83% the week prior.
Fed chief Powell indicated the central bank was likely to raise interest rates by a half percentage point at its next meeting.
US home prices hit a record in March up 15% versus the year prior, despite rapidly rising mortgage rates.
Corporate earnings continue to be strong with about 80% of S&P 500 companies that have reported beating expectations.