Stocks on Shaky Ground With Hawkish Fed Script: Markets Wrap
- Short-end US yields leap as Powell talks tough on inflation
- ECB officials leave open chance of another jumbo rate hike
This article is for subscribers only.
Volatility gripped the stock market as unsurprising remarks from Jerome Powell and his colleagues did little to alter bets on another super-sized rate hike during the Federal Reserve’s September gathering.
In the final 15 minutes of trading, the S&P 500 extended its advance to close above 4,000 for the first time since late August -- pushing further away from a level seen by chartists as critical for short-term direction. The benchmark swung between gains and losses all day as the Fed’s boss reprised his hawkish views from the Jackson Hole confab, saying officials are strongly committed to their fight against inflation.