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Markets Have Second Week of Gains, Rates Hit New Highs

After last week’s “face ripping” rally many may have expected a period of consolidation given the events transpiring in Europe and an increasingly hawkish tone out of the Federal Reserve. Instead, markets built on the gains solidly. The S&P 500 and Nasdaq were both up almost 2% on the week. Encouragingly, Energy and Technology were both the leading sectors and were both up about 4.2%. Apple was a notable outperformer this week and was up more than 6%. We just highlighted the stock in o

After last week’s “face ripping” rally many may have expected a period of consolidation given the events transpiring in Europe and an increasingly hawkish tone out of the Federal Reserve. Instead, markets built on the gains solidly. The S&P 500 and Nasdaq were both up almost 2% on the week. Encouragingly, Energy and Technology were both the leading sectors and were both up about 4.2%. Apple was a notable outperformer this week and was up more than 6%. We just highlighted the stock in our recent Signal From Noise on stocks we like with pricing power.
There is a Ukrainian idiom for teaching someone a lesson in a profound or threatening way. As the Ukrainians say, they have really shown the battered Russian army where the crayfish is wintering. According to NATO estimates, from 7,000 to 15,000 Russian soldiers may have been killed in the conflict although the fog of war makes preciseness impossible. Incredibly, the resistance in Mariupol is still hanging on despite an onslaught against the urban center the likes of which have not been seen in Europe for generations. The Ukrainian destruction of a Russian landing craft this week may also make them hesitant to conduct further amphibious operations. Ukrainians have been pushing the Russians back around Kyiv.

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