This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

What a Week: Do-Si-Do

Like teenage girls fawning over Elvis, the stock market swooned over the Fed this week. But hopes the central bank will stop raising its fed funds rate next month quietly exited the building by Friday, leaving most market participants where they started the week -- anxious -- despite gains for major averages.

After starting the week concerned about inflation, stock investors latched onto dovish words from Fed speakers and the March FOMC meeting minutes Tuesday , inciting a rally that carried major averages to weekly gains despite mixed follow-through.

Record oil prices and U.S. Energy Secretary Samuel Bodman crashed the party when the price of crude topped $75 per barrel Friday and Bodman warned of possible gasoline supply problems. Maybe that qualifies as one of the "surprises" San Francisco Fed President Janet Yellen was talking about Wednesday after commenting that rate hikes are over and inflation contained -- minus any data to suggest otherwise, of course.

The Dow Jones Industrial Average did rise modestly Friday to 11,347.45, another six-year high, but the S&P 500 dipped 0.01% to finish 1311.28 and the Nasdaq Composite fell 19.69 points, or 0.83%, to 2342.86 as Dell's (DELL - Get Report) weakness offset Google's (GOOG) strength.

For the week, the Dow gained 1.9%, while the S&P rose 1.7%, and the Nasdaq climbed 0.7%, lagging its blue-chip counterparts amid disappointment over results and/or guidance from big-caps such as Intel (INTC - Get Report), eBay (EBAY - Get Report) and Amgen (AMGN), as well as prior highfliers F5 Networks (FFIV - Get Report) and PortalPlayer (PLAY).

Meanwhile, the dollar sunk, commodities prices soared and the yield on the benchmark 10-year rose above 5%.

"The reaction to the Fed minutes was very emotional, and it is still undecided whether 5% is the end," said Barry Hyman, equity market strategist at Ehrenkrantz King Nussbaum, adding that the new fear is that perhaps $70 per barrel is the bottom end of a new range. "We look at gold and commodities. These are inflation indicators."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
DELL $0.00 0.00%
PLAY $32.08 0.00%
EBAY $58.54 0.00%
F $16.42 0.24%
FFIV $119.04 0.00%

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs