Stock Plunge Nears Bear Territory After Fed Hike

The Standard & Poor's 500 stock index closed Friday at 2416.62, teetering near bear market territory and threatening to end the 10-year bull market, the longest in U.S. history.

Friday's loss of 2% on top of Thursday's drubbing of 1.6% came in reaction to the Federal Reserve Board of Governors Chairman, Jerome Powell's, announcement on Thursday afternoon of a quarter-point hike in its key lending rate.

The Fed's job is not to please Wall Street, the President, or popular opinion. The Fed is just doing its job.

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This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.

Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.

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