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Bob Carey
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  US Stock Market Ended Jan. 28, 2022
Posted Under: Weekly Market Commentary
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The S&P 500 Index returned 0.79% last week, posting its first positive week of 2022. The index is down 6.93% YTD after four weeks of trading. Equities have been under pressure as investors focus on inflation, supply chain issues, Fed decisions on tapering and timing of rate increases, the economic effects of Covid-19 restrictions and the increasing Ukraine and Russian border tension. Volatility was evidenced throughout the week starting with Monday's 4% decline by mid-day, but then the index recovered to close the day gaining 28 basis points. Tuesday followed a similar pattern as the index declined 2.8% after the open but bounced back though ultimately ending with a -1.22% return for the day. On Wednesday, markets appeared to have positively digested the FOMC statement. However, equities declined sharply in the afternoon giving back early gains after Federal Reserve Chairman Powell's press conference comments gave a more hawkish stance than what was interpreted from the earlier statement. Equities rallied on Friday with the technology sector leading the way as tech giant Apple Inc., the largest company in the S&P 500 Index, jumped 6.98%, helping the S&P 500 Information Technology Index gain 4.35%. The company reported over $30 billion in earnings and revenue exceeding $120 billion for the quarter with strong sales of their iPhone 13 and other products. Specialty glass technology company Corning Inc., was the best performer in the S&P 500 Index last week, returning 20.14%. The stock jumped on Wednesday after reporting their fourth quarter results beat expectations. Energy was the strongest performing sector during the volatile week with the S&P 500 Energy Index returning 5.09%. Strong performing energy names included Halliburton Company, Coterra Energy Inc., Devon Energy Corp, Occidental Petroleum Corp, and APA Corp, all posting double-digit returns. Crude oil closed at $86.82 per barrel on Friday, returning 1.97% for the week and is already up 15.44% in 2022. Earnings season is under way and announcements expected this week include Alphabet Inc., Amazon.com Inc., Meta Platforms Inc., Exxon Mobil Corp, AbbVie Inc., Eli Lilly & Company, Merck & Company Inc., PayPal Holdings Inc., QUALCOMM Inc., and many more.
Posted on Monday, January 31, 2022 @ 8:15 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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