Stocks and Bonds posted solid gains last week. The Nasdaq Composite reached a new all-time high, closing at 5,305.
The Federal Reserve released its FOMC statement, in which the Committee decided to leave rates unchanged. They said the case for an increase has strengthened, but they need further evidence of continued progress towards its objectives. Three of the members voted for a rate hike, as opposed to just one member at the last meeting. Longer-term expectations were lowered to be more in-line with the market.
In technology news last week, Oracle (ORCL) hosted its annual Open World Conference. One of the major innovations on display was Oracle's next-gen Infrastructure-as-a-Service (IaaS) platform that is meant to compete with Amazon's widely used Amazon Web Services (AWS) by having better performance and being more cost efficient. Trying to overshadow this event, Salesforce (CRM), an Oracle competitor, announced its new Einstein Artificial Intelligence (AI) initiative that will improve productivity within CRM's products.
Allergan (AGN), a global pharmaceutical company, made headlines by paying a major premium for nonalcoholic steatohepatitis (NASH) drug developer Tobira Therapeutics (TBRA). This acquisition boosted stocks in the NASH space, including Gilead (GILD).