Stocks gained over the week on optimism over the economy. The S&P 500 rose 0.8% and the Dow jumped 1.8% for the week. Abroad, the FTSE All World Ex US edged down 0.1% for the week. The yield on the 10-year Treasury yield continued its recent climb ending the week at 1.55% its highest level since February of last year. Oil jumped over the week as OPEC and Russia led countries kept cuts in place, surprising investors. Oil jumped 7.5% to $66.09 a barrel the highest level since April 2019.
The February jobs report topped expectations with 379,000 new hires and January hiring numbers were revised up. The unemployment rate dropped to 6.2%.
US manufacturing climbed in February at its fastest pace since the pandemic began, topping expectations. 3/2
Service sector activity expanded for the 9th consecutive month.
Initial unemployment claims rose slightly to 745,000 over the past week.
Fed Chair Powell stated the Fed intended to keep easy money polices in place, but would not intervene in the long term Treasury market to curb the recent rise in rates.