Equity markets traded sideways and in a fairly narrow range last week, with the S&P 500 Index declining just 28 basis points (bsp). The Russell 2000 Index, which represents small-cap stocks, was the best performer, gaining 40 bps.
Despite all the hype in the media surrounding the Federal Reserve (the Fed) meeting in Jackson Hole, Wyoming, last week, the event turned out to be a dud, with European Central Bank (ECB) President Mario Draghi backing out at the last minute and no real news from Fed Chairman Ben Bernanke. Read more now.