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A quick roundup of a some of headlines that stole the spotlight this week
It's been a volatile week on the charts, with the Dow Jones Industrial Average (DJIA) tracking a 400-point range (with both the intra-week high and low occurring in Wednesday's Fed-driven session) thus far. In fact, the Dow -- which now includes Apple Inc. (NASDAQ:AAPL) -- is on pace to make its 10th triple-digit move in 11 sessions. Meanwhile, the Nasdaq Composite (COMP) made its first foray north of the 5,000 mark since March 2 -- and touched a 15-year high today -- while the S&P 500 Index (SPX) is on pace to notch its first weekly close north of 2,100 since late February. Additionally, small-caps put in a strong showing, with the Russell 2000 Index (RUT) hitting a record high in three out of five sessions this week. Off the charts, a number of stories grabbed the attention of those on and off Wall Street. Here's a quick recap of some headlines that hit this week.
- The Federal Open Market Committee (FOMC) surprised no one on Wednesday, when it chose to remove the word "patient" from its policy statement -- leaving the door open for an interest-rate hike as early as June. However, Fed Chair Janet Yellen did her best to clarify, saying, "Just because we removed the word 'patient' from the statement doesn't mean we are going to be impatient."
- March Madness got underway on Thursday, with 64 teams vying for their chance to take home the title. President Barack Obama is still in the race with his Kentucky pick, as is Schaeffer's contributor Adam Warner with his pick. Me? My bracket was busted in three hours, courtesy of these guys.
- In corporate news, not only did shares of Facebook Inc (NASDAQ:FB) hit uncharted territory this week, but the company unveiled a new cash-sending feature. Additionally, Ford Motor Company (NYSE:F) and Microsoft Corporation (NASDAQ:MSFT) said they are teaming up to bring a cloud-based network to cars, Tesla Motors Inc (NASDAQ:TSLA) cleared a hurdle in New Jersey and ended "range anxiety," and Biogen Idec Inc's (NASDAQ:BIIB) Alzheimer's drug showed promise in an early stage trial.
- Spring starts today. What will most likely come as a shock to some -- particularly those in the Northeast, who are expecting yet another big snowstorm this weekend -- we're coming off the warmest winter on record. Your timing is impeccable, Mr. President.
- In overseas news, Benjamin Netanyahu was re-elected prime minister of Israel, while European Union (EU) officials are hoping to hash out a new fiscal arrangement with Greece. At a two-day summit which concludes today, Greece is expected to commit to submitting a new economic reform plan. Elsewhere, a little more than two months after terrorists bombed a satirical magazine in France, Islamic State extremists attacked the National Bardo Museum in Tunis, claiming the lives of at least 21 people.
- Justin Bieber gets roasted on Comedy Central on Monday, March 30. Ahead of the event, Biebs headed to The Ellen DeGeneres Show where he played "Never Have I Ever" with Madonna and Ellen. Let's just say, Justin's answers were not very beliebable.