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The first quarter of 2019 brought a welcome reversal.

Last year, Barron’s published a group of market strategists’ expectations for 2019 performance. The article came out in mid-December, before the steep year-end stock market decline. At that time, all of the strategists agreed: The S&P 500 Index would move higher during 2019.

“Fascinatingly counterintuitive…”

That’s how Michael Arone, an investment strategist, described the U.S. market environment to Avi Salzman of Barron’s:

Wonder what the Federal Reserve’s 40-yard dash time is?

On Wednesday, the Fed juked like an NFL running back and left investors wondering whether they should buy or sell. Heather Long of The Washington Post reported the U.S. central bank:

Stock and bond markets rallied.

Last week, major U.S. stock indices finished higher for the 10th time in 12 weeks. Bond markets moved higher, too, with the yield on 10-year Treasuries dropping just below 2.6 percent, reported Randall Forsyth of Barron’s. Yields on 10-year Treasuries haven’t been this low since January 2018.

Markets were rattled last week.

The market hates surprises, especially when the surprise comes from a central bank. Last week, the European Central Bank (ECB) unexpectedly reversed course and took a more accommodative stance on monetary policy in an effort to encourage stronger European economic growth. Tom Fairless of Barron’s explained:

Is it a soft landing?

The Markets

Investors were pleased with the Federal Reserve’s (Fed) new approach to its balance sheet.

Why did the stock market do that?

The great mystery of stock markets reared its head last week. With no clear driver, the Dow Jones Industrial Average gained more than 3 percent, while the Nasdaq Composite and Standard & Poor’s (S&P) 500 Index moved higher by about 2.5 percent. It was a puzzler. Ben Levisohn of Barron’s explained:

The Markets

Central banks take a turn.