US stocks climb after Fed leaves rates unchanged
Kingsview Asset Management CIO Scott Martin and Heritage Capital President Paul Schatz discuss how U.S. stocks are reacting to the Federal Reserve’s policy decision and where investors are finding value in today’s market.
Stocks traded lower on Friday following weak economic data from Europe.
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Preliminary surveys showed that manufacturing in Germany, France and the wider eurozone had slowed in March.
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News that the European Union offered to only briefly extend the Brexit deadline added to uncertainty.
European Union leaders have agreed to delay Brexit until May 22, the eve of the EU elections, instead of next Friday as previously planned.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25849.97 | -112.54 | -0.43% |
| SP500 | S&P 500 | 2854.88 | +30.65 | +1.09% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7838.959299 | +109.99 | +1.42% |
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The preliminary Markit manufacturing purchasing managers’ index for Germany, which was released on Friday, fell to 44.7 in March from 47.6 in the previous month. In France, the reading fell to 49.8 from 51.5 in February. A similar report for the wider eurozone also retreated to 47.6 from 49.3.
Readings for services in all three surveys fell, too. Numbers below 50 indicate contraction on the index’s 100-point scale.
U.S. and Chinese officials will meet in Beijing next Thursday and Friday for high-level trade talks, aimed at ending a tariffs battle between the world’s two biggest economies.
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Asian indexes reversed early losses on optimism surrounding the talks. The Shanghai Composite index finished 0.1 percent higher, Hong Kong’s Hang Seng added 0.1 percent and Japan’s Nikkei 225 index, reopening after a market holiday, edged 0.1 percent higher.
In Europe, London’s FTSE shed 0.8 percent, Germany’s DAX lost 0.6 percent and France’s CAC gave up 0.8 percent.
The Associated Press contributed to this article
