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Saturday, March 19, 2016

Wall Street Update: S&P 500 turns positive for 2016

Standard & Poor's 500 Index turns positive for 2016 in the wake of a dovish Federal Reserve that helped the gauge post its longest weekly winning streak since November.

One of the greatest comeback in the history
The S&P 500 followed the Dow Jones Industrial Average to advance for the year, after a poor start to the year, with The Dow jumping by 12% in 24 days through Thursday, boosted by seven separate daily advances exceeding 1%. It's amazing given that 2016 has started with one of the worst performance so far but a stunning comeback with stocks pushing over the top as US Fed signaled a slower pace of interest-rate increase this week.

The S&P 500 added 0.4% to 2,049 and is now up 0.3% this year after falling as much as 11%.

According to a report from Bloomberg, Friday’s gains were braced by health-care companies, with the group on the way to ending the longest losing streak in two months. Banks were on pace to halt a three-day slide after also lagging a broader rally in the past two weeks.

The Dow average Thursday wiped out a year-to-date decline that swelled to as much as 10% in February. It’s the fastest that a retreat of that size or more has ever been reversed this early in a year, data compiled by Bloomberg show. 

The S&P 500 has climbed 1.3% this week, and is less than 4% away from a record set last May.

Energy and raw-materials have led the S&P 500 over the last five weeks. 

A tumble in the dollar Thursday brought on by a more dovish Fed helped push the two groups to three-month highs yesterday. 

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