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What Market Didn’t Like About Powell: Scant Tools, Short Answers

  • Stocks give up cut gains, fall 1.5% in afternoon trading
  • First emergency cut since financial crisis fell flat Tuesday
Updated on

If for no other reason than he paused a seven-day plunge that erased $6 trillion, Jerome Powell deserves the thanks of stock bulls. The S&P 500 is up about 6% from when he first mulled rate cuts on Friday, and anyone who lived through last week is glad for the respite.

Going by the reaction today, however, it’s clear there is anxiety mixed with the gratitude.