On Monday, a tremendous turnaround occurred in the stock market, in one of its most astonishing intraday reversals in history. The S&P 500 was up 13 points.
On Tuesday, at the opening, however, stocks were down sharply, before mounting a further valiant combat attempt to recover; but the comeback failed. The S&P 500 was down 51 points.
On Wednesday, investors got some answers from Powell as to how aggressive the Fed would be over the coming months. In the early part of the day, the S&P 500 was up a lot. The rally, which brought solid gains, quickly evaporated however, giving it all back during his subsequent news conference, when he said that the Fed could raise interest rates faster, further and more frequently than the markets had been expecting. The S&P 500 went down another 9 points.
Follow us on: LinkedIn
By Hubert Marleau
By Hubert Marleau