closed lower on Friday to end what was a highly volatile week. There was a ton of rotational action and bifurcation occurring under the hood. Health care, real estate, utilities, and the consumer staples sectors all finished modestly higher for the week. The materials sector edged lower, and the drops were more pronounced in financials, communication services, industrials, tech, consumer discretionary, and energy.The action can be easily explained.
Meanwhile, a less accommodative Fed has investors evaluating their risk tolerance against the potential of a rising interest rate environment, explaining why we continue to see buying interest in companies that make stuff and do things, and pressure in unprofitable conceptional story stocks. Here is a quick look at some of the broader market measures we like to keep an eye on: The U.S. dollar index was about flat on the week at 96. Gold rallied to the $1,800 level in the days after Wednesday's FOMC press conference. WTI crude prices slipped to roughly $70, as the spread of the omicron variant weighed on global demand. And the yield on the 10-year Treasury fell to around the 1.41% level amid omicron variant uncertainty.
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