Stock Rout Takes Breather on Fed Vow Big Hikes Won’t Be the Rule
- Don’t expect 75-basis point increases to be ‘common’: Powell
- Stock rally is little more than an oversold bound: DeBusschere
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When the S&P 500 Index loses a tenth of its value in five days, it doesn’t take much to get it to bounce.
That’s the simplest interpretation of price action that followed the Federal Reserve’s biggest rate hike since 1994, expectations for which had sent the stock market reeling over the past week. Assurance by Chair Jerome Powell that similar medicine won’t be common in the future was enough to make Wednesday only the fourth winning day of the month for bulls.