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Market Wrap for February 26: A Wild Week on the Street

This week could only be described as a wild one for the markets. After relative calm since the Biden administration took office, volatility has returned two-fold. Priming the wild swings in the major averages has been a continued rise in interest rates.

Bond yields have moved higher in recent weeks as investors look toward the massive stimulus package making its way through Congress. While most traders are pleased with the package, the worry about its sheer size and debt levels will raise borrowing costs for the U.S. As a result, traders have sent bond yields higher. Conversely, they sold stocks. Tech, healthcare and other growth industries were hard hit.

Adding to the fact were continued mixed earnings results. While many firms in the broader indices have beaten on their reports, earnings are down for both the quarter and year-end. Meanwhile, guidance figures remain mixed.

A mixed data picture also added to the selling and wild swings this week. Measures of consumer health, labor and manufacturing all painted a picture that there is still much work to be done before calling the current downturn over.

All in all, the market was wild this week and stocks ended up closing lower.

Be sure to check out our previous Wrap here, when a shortened week provided more volatility.

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