Traders work on the floor as President Joe Biden addresses the nation on developments after Russia launched an attack on Ukraine at the New York Stock Exchange on Wall Street in New York City on February 24. File Photo by John Angelillo/UPI | License Photo
March 25 (UPI) — The S&P 500 and Dow Jones Industrial Average stock indexes made gains for the second straight week after a tumultuous day of trading as President Joe Biden continued his visit to Europe to discuss the war in Ukraine.
The S&P 500 gained 0.51%, while the Dow grew 0.44% Friday, Yahoo! Finance reported. The Nasdaq, however, fell 0.16% after having closed trading last week with a gain 8.2%. Last week, the S&P 500 had made gains of about 6.1%, while the Dow grew 5.5%.
The stock market gains came despite Russia’s invasion of Ukraine, which led to drops across all three major U.S. indexes and in worldwide stock markets before rebounding last week.
Nancy Daoud, CEO and private wealth adviser at Ameriprise Financial Services LLC, told Bloomberg TV that the market’s weekly performance showed why investors should not worry about short-term losses.
“I think this week was a great confirmation of why we shouldn’t get too concerned about the short term and the volatility or the headlines du jour, so to speak, because obviously, it rebounds just as fast as it declines,” she said.
Ross Mayfield, an investment strategy analyst with Baird, told Yahoo! Finance that analysts remain bullish on the market, but that volatility will continue.
“As far as catalysts, there’s a lot of stuff out there. There’s war in Ukraine. The market’s not moving as much on the day-to-day headlines there, but it doesn’t mean that there still couldn’t be a major catalyst from that event, either to the upside or the downside,” Mayfield said.
“The Fed — we’ve got a pretty good picture of what they’re planning on doing, but any hints as we get toward May about 50-basis-point rate hikes or balance sheet reduction or what that might look like could be a catalyst.”
Meanwhile, Russian stocks fell 4% on their second day of partially reopening, Markets Insider reported. Russia had closed trading on its stock exchange since Feb. 25 in the longest suspension of trading since the fall of the Soviet Union in an effort to stabilize its economy in the wake of sweeping world sanctions.
Traders work on the floor as President Joe Biden addresses the nation on developments after Russia launched an attack on Ukraine at the New York Stock Exchange on Wall Street in New York City on February 24. File Photo by John Angelillo/UPI | License Photo March 25 (UPI) — The S&P 500 and Dow Jones Industrial Average stock indexes made gains for the second straight week after a tumultuous day of trading as President Joe Biden continued his visit to Europe to discuss the war in Ukraine. The S&P 500 gained 0.51%, while the Dow grew 0.44% Friday, Yahoo! Finance reported. The Nasdaq, however, fell 0.16% after having closed trading last week with a gain 8.2%. Last week, the S&P 500 had made gains of about 6.1%, while the Dow grew 5.5%. The stock market gains came despite Russia’s invasion of Ukraine, which led to drops across all three major U.S. indexes and in worldwide stock markets before rebounding last week. Nancy Daoud, CEO and private wealth adviser at Ameriprise Financial Services LLC, told Bloomberg TV that the market’s weekly performance showed why investors should not worry about short-term losses. “I think this week was a great confirmation of why we shouldn’t get too concerned about the short term and the volatility or the headlines du jour, so to speak, because obviously, it rebounds just as fast as it declines,” she said. Ross Mayfield, an investment strategy analyst with Baird, told Yahoo! Finance that analysts remain bullish on the market, but that volatility will continue. “As far as catalysts, there’s a lot of stuff out there. There’s war in Ukraine. The market’s not moving as much on the day-to-day headlines there, but it doesn’t mean that there still couldn’t be a major catalyst from that event, either to the upside or the downside,” Mayfield said. “The Fed — we’ve got a pretty good picture of what they’re planning on doing, but any hints as we get toward May about 50-basis-point rate hikes or balance sheet reduction or what that might look like could be a catalyst.” Meanwhile, Russian stocks fell 4% on their second day of partially reopening, Markets Insider reported. Russia had closed trading on its stock exchange since Feb. 25 in the longest suspension of trading since the fall of the Soviet Union in an effort to stabilize its economy in the wake of sweeping world sanctions.