Deep Dive: Here are the stock market’s winners and losers in the first half of 2019

You could call this the year of the mood swing for the U.S. stock market.

Investors went from being “certain” that the Federal Reserve would continue raising interest rates, which helped cause a sharp decline in stock prices in the fourth quarter, to being surprised by a turnaround in Fed policy in March, when the Federal Open Market Committee decided to halt the rate increases and curb the central bank’s balance-sheet runoff. Last week the language of the Fed’s customary policy statement softened further, helping to push the S&P 500 Index SPX, +0.23% to record levels.

The Fed’s about-face helped push the yield on 10-year U.S.

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