Shares are under pressure after comments and aggressive actions by the US Federal Reserve.
The S&P500 stock index fell last day to its lowest level in nearly two years on concerns about the US Federal Reserve’s aggressive policy. Reuters reported this on Wednesday, September 28.
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Yesterday, the S&P 500 hit a session low of 3623.29, its lowest point on an intraday basis since November 30, 2020. By the end of the day, it was slightly higher, but still closed lower for the sixth straight session session, which lost 7.75 points, or 0.21%, to 3647.29.
“As long as the Fed continues to raise rates and investors don’t expect any rate hikes to stop, I think this market will continue to be weak,” said Tim Grisky, senior portfolio strategist. in Ingalls & Snyder.
A big blow for the index was the speech by Fed Chairman Jerome Powell, who confirmed his determination to fight inflation, which last week saw a third consecutive increase in the discount rate of 75 basis points. The index has fallen more than 12% since Powell’s speech and shows no signs of stabilizing.
The S&P500 is a stock index with a basket of 500 US stock companies with the largest capitalization. The list is owned and compiled by Standard & Poor’s. The index has been published since March 4, 1957.
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Source: korrespondent
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