Stocks Mixed as Dow Slips, Nasdaq Hits Record High; Fed Holds Rates Steady, Eyes Future Cuts
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The Dow Jones saw a minor 0.14% decrease last week, while the Nasdaq edged 0.16% higher to another record close. The S&P 500 dropped 0.77% but had its strongest week of the year.
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The Fed kept interest rates unchanged in a range of 5.25-5.5% at its latest meeting, still expecting to begin cutting rates by end of 2024.
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This week brings important economic data like durable goods orders and the Core PCE price index, which informs Fed decisions on potential rate cuts.
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Economists forecast a 0.4% rise in personal income and 0.5% increase in personal spending for February's PCE data.
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Strategists are still largely bullish on US stocks, citing strong economic growth, corporate earnings, and the prospect of Fed rate cuts supporting further market gains.