Weekly market summary – w/e 5th May
US stocks bounced back strongly on Friday to recover the majority of the decline earlier in the week. The week started on a down note with bank concerns continuing to weigh. US regulators had stepped in on Monday to seize First Republic Bank, later announcing that JP Morgan Chase had taken over the failed bank.
On Wednesday, the Federal Reserve announced a further 0.25% rate hike in line with market expectations. A possible pause in the tightening cycle was also signalled by the removal from the central bank’s statement, of the phrase “additional policy firming may be appropriate” – this had previously been included. However…
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