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Late gains helped the US main stock benchmarks to close in positive territory for the week after they briefly hit correction territory (down more than 10% from recent highs). The small-cap Russell 2000 Index lagged and ended the week down nearly 20% from its November peak, leaving it just outside of a bear market. The VIX index reached its highest level since the early months of the pandemic. Energy stocks rallied as international oil prices pushed above USD 90 per barrel, driven in part by the continued massing of Russian troops along the border with Ukraine. Fears that the Fed might be forced to raise short-term interest rates quickly to tame inflation weighed heavily on sentiment as the FOMC met during the week. Fed Chair Powell kept interest rates steady but left open the possibility that rates might rise more than 0.75% in 2022. Shares in Europe fell for a fourth consecutive week, extending declines on rising concerns about interest rate increases and escalating tensions between Russia and the West. This week saw US 2-year Treasury yields jump most since October 2019. The dollar soared higher for the 5th straight week (best week since June 2021), closing at its highest since July 2020. Cryptos stabilized.
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The S&P 500 closed at a fresh all-time high on Friday, rising for a 5th consecutive week, its longest weekly winning streak since 2024. This brings the index up +15% since the March 30 low, also marking April as the best month for stocks since November 2022. Stocks largely shrugged off the stream of sometimes conflicting headlines about the war in the Middle East and a surprisingly hawkish Federal Reserve policy meeting to post solid gains in most major indexes. Large-cap stocks outpaced small-caps, and value outperformed growth. Five of the “Mag 7” companies reported earnings, with financial results generally meeting or exceeding expectations for these bellwether firms. Meanwhile, major central banks keep rates on hold amid war uncertainty.