The daily business briefing: March 18, 2016

U.S. stocks hit 2016 highs, Tiffany forecasts profit decline as global economy falters, and more

Tiffany and Co.
(Image credit: Spencer Platt/Getty Images)

1. U.S. stocks hit 2016 highs

The Dow Jones Industrial Average closed in positive territory for the year on Thursday, as U.S. stocks added to Wednesday's gains. The S&P 500 also had its highest close of the year. The Nasdaq reached its highest point since Jan. 7. The surge came after the Federal Reserve on Wednesday scaled back its forecast for 2016 interest rate hikes, saying economic growth and job growth were solid but an uncertain economy still posed risks. Thursday's rally was a "continued reaction from the Fed's move," a UBS Americas Wealth Management analyst said. Dow futures were up further early Friday.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.