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Fed Cuts Rates Again, Signals It May Be Done for Now The Wall Street JournalStock futures are little changed after Dow rallies on Fed rate cut: Live updates cnbc.comFederal Reserve cuts interest rates amid mixed economic data and divisions in its ranks PBSDivided Fed cuts interest rates, amid job market concerns NBC News
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Dow gains 200 points as investors hope for Fed rate cut and more easing ahead: Live updates CNBCStock market today: Dow, S&P 500, Nasdaq wobble with Fed rate decision on deck Yahoo FinanceFed Meeting Today: Dow, S&P 500 Steady Ahead of Likely Interest-Rate Cut — Live Updates The Wall Street JournalWall Street is quiet as it waits for the Federal Reserve's announcement in the afternoon AP News
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Retirees are in a tough spot needing stock market growth to fight inflation, but their personal finance plans can't stomach a major market correction.
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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