NASDAQ index/other indices rebound higher to start the month of May NASDAQ index was down over 4.1% last Friday

The major US indices looked like they may start the month of May off the way they ended the month of April – with declines across the board. The Dow industrial average is down -1.6%. The S&P was down -1.69% and the NASDAQ was down -1.07% in the New York afternoon. However, buyers entered, and erased the declines and closed nearer the high levels of the day.

At the closing bell:

  • Dow industrial average rose 84.29 points or 0.26% at 33061.49
  • S&P index rose 23.47 points or 0.57% at 4155.39
  •  NASDAQ  index rose 201.39 points or 1.63% at 12536.03
  • Russell 2000 rose 18.81 points or 1.01% at 1882.91

The Federal Reserve will meet on Wednesday and are expected to increase rates by 50 basis points.

Since their last meeting decision on March 16:

  • The DXY index is up 5.3%
  • The 10 year yield is up 83 baais points
  • The Nasdaq is down -6.65%
  • The S&P is down -4.65%

That is some headwinds for the market, but inflation remains an unknown, housing continues have supply/demand imbalances (although getting better) and the Fed is behind the curve in getting rates to neutral (2% to 2.5%).

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