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Wall Street Wobbles A Day After Tumbling Into Bear Market

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NEW YORK (AP) — Wall Street is wobbling Tuesday in its first trading after tumbling into a bear market on worries that high inflation will push central banks to clamp the brakes too hard on the economy. 

The S&P 500 was 0.2% lower in midday trading as investors brace for the Federal Reserve’s announcement on Wednesday about what it will do with interest rates. It was an unsteady move, though, and the index swung between an earlier loss of 0.5% and gain of 0.8% after a couple big companies flexed financial strength with stronger profits and payouts to shareholders.

The Dow Jones Industrial Average was down 109 points, or 0.4%, at 30,407, as of 11:09 a.m. Eastern time, and the Nasdaq composite was 0.1% lower after swinging between a gain of 0.9% and a loss of 0.4%.

Trading across markets was calmer, if still tentative, following Monday’s worldwide rout. Stocks across Asia and Europe were mixed, while a measure of nervousness among investors on Wall Street was edging lower.

 

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Do you think we're heading for another recession?

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The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994.

Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of 1.5%-1.75%, the highest since just before the Covid pandemic began in March 2020.

 

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It is wise to be fearful when others are greedy and greedy when others are fearful."

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