Market Updates
Rate Path Worries Sink Nasdaq 3.3% and S&P 500 2.5%
Barry Adams
02 Nov, 2022
New York City
Benchmark indexes in volatile trading fell sharply and reversed intraday gains after the Fed raised its key lending rate.
Stocks soared and erased gains of the session immediately after the release of the Fed's statement that many traders interpreted as Fed laying the groundwork for slower rate hikes in the future.
Hopes of slower rate hikes were dashed after Fed Chairman Jerome Powell reiterated his views on inflation.
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