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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