On Friday we all learned the true meaning of the old saying, “What goes up must come down” as the Dow finally ended its winning streak after hitting record after record and inspiring the likes of Mila Kunis (who just might be responsible for the pullback). Still, the blue-chip index logged a fourth straight week of highs after ending its 10-day streak. The S&P 500 also came within mere points of its all-time closing high, only to pull back as well, but the index (along with the Nasdaq) saw a third straight week of gains.
What will next week bring? The scheduled events include a two-day FOMC meeting, which will conclude on Wednesday with a statement, outlook and presser with Fed chief Ben Bernanke, whom some are saying “thank you” to as they check out their (at least for now) fattened portfolios. Expect the euro zone to also be a focus, as the news of Cyprus's bailout -- and the hit to bank customers there -- made headlines on Saturday.
Here are some things to look out for in the week to come:
Monday, March 18
- Housing market index (first of several housing-related data points this week)
- MGM board meeting
- U.S. Supreme Court will hear the Arizona voter registration case
Tuesday, March 19
- FOMC begins its two-day meeting
- Housing starts released
- Tentative date for hearing on Hostess, in which the federal bankruptcy judge overseeing the Chapter 11 case of the revered Twinkie-maker could give approval for its sale to Apollo Global Management and Metropoulos & Company.
- Treasury Secretary Jack Lew visits China to meet new leadership. China PMI flash manufacturing index also out today.
- Earnings: DSW, Adobe
Wednesday, March 20
- FOMC meeting announcement, forecasts and Bernanke presser
- HP shareholders meeting
- Data: Weekly mortgage apps, oil inventories
- Obama to visit Israel for first time as president
- Earnings: FedEx, Oracle, General Mills
Thursday, March 21
- FHFA home price index and existing home sales round out the week in housing data
- Other data: Weekly jobless claims, PMI manufacturing index flash, Philadelphia Fed survey, leading economic indicators, natural gas inventories, Fed balance sheet/money supply
- Earnings: Lululemon, Nike
Friday, March 22
- BlackBerry Z10 goes on sale through AT&T
- Earnings: Darden Restaurants, KBHome, Tiffany
- Fed speaker: Sarah Bloom Raskin