| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3824 Registered: 05-2011 Rating: N/A |
The stock market went into rally mode as Fed Chair Powell conducted his press conference. The S&P 500 gained ~60 points, or 1.3%, while the Fed Chair was speaking. The triggers for the positive response included: Relief that Fed Chair Powell didn't sound more hawkish than feared. Translated by some as a "sell the rumor, buy the fact" reaction. A working assumption that policy firming will be gradual. Short-covering activity. Pretty much everything has come along for the post-FOMC ride, however, helped in part by some hope that, with the FOMC decision in the rearview mirror now and the debt ceiling issue resolved, the market has some headline clearance for a year-end rally. Developments involving the Omicron variant could change that, but that isn't a focal point for today's rally effort. |