![]() ![]() "Fundamentals and logic are almost thrown out the window because we are all wondering just how hawkish is the Fed, and then you look around this week and all these central banks around the globe hiked rates." Detrick said that coordinated hikes by multiple central banks left investors wondering how hawkish they all will end up being. "When you have these cascades of selling like we’ve seen since the Fed, really, support doesn’t really matter, you can slice right through it," said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. Īfter the benchmark index fell more than 20% from its early January high to a low on June 16, which confirmed that the retreat was indeed a bear market, the S&P then rallied into mid-August before running out of gas. A late rally helped push the index off its worst level of the day, but the index still closed lower for a sixth straight session as it lost 7.75 points, or 0.21%, to 3,647.29. The S&P 500 touched a session low of 3,623.29, its lowest point on an intraday basis since Nov. Federal Reserve signaled the central bank's top priority is to stamp out high inflation even at the risk of putting the economy into a recession. Stocks have been under pressure since late August after comments and aggressive actions by the U.S. Sept 27 (Reuters) - The S&P 500 (.SPX) fell to its lowest level in almost two years on Tuesday on worries about super aggressive Federal Reserve policy tightening, trading under its June trough and leaving investors appraising how much further stocks would have to fall before stabilizing. ![]()
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