Stock market news today: Stocks fall as Powell tells Congress rates could go 'higher'

Posted by IDQWE001 > 2023-03-07 23:23 | Report Abuse

53 Myles Udland Myles Udland·Head of News Tue, March 7, 2023 at 11:13 PM GMT+8 In this article: ^DJI -0.37% SNAP +7.38% ^GSPC -0.62% ^IXIC -0.51% DKS +8.98% U.S. stocks turned lower Tuesday after Federal Reserve Chair Jerome Powell told Congress that interest rates are likely to go "higher" in the face of persistent inflation. Shortly after 10 a.m. ET on Tuesday, the S&P 500 (^GSPC) was down 0.9%, the Dow Jones Industrial Average (^DJI) had sunk 0.6%, and the Nasdaq Composite (^IXIC) plopped almost 1%.

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3 comment(s). Last comment by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ 2023-03-08 10:20

Zhuge_Liang

2,366 posts

Posted by Zhuge_Liang > 2023-03-08 09:54 | Report Abuse

High inflation also happens in European countries. UK, Germany and France are just keep quiet and raise the interest rate higher quietly.
No issue and the European stock markets are breaking new highs.

The US made a lot of noise on inflation especially this Powell, the stock markets are down.
Can't he raise the interest rate higher quietly and avoid any speech that can affect the stock market in the US.
High inflation also happened in 2008, the inflation rate went down quickly in less than a year.

I believe Powell is not doing a good job to control the inflation in the US.

Junichiro

2,036 posts

Posted by Junichiro > 2023-03-08 10:05 | Report Abuse

JP Morgan CEO already said interest rates will have to move above 6% if Fed aims at inflation of 2%. Now Fed is changing the definition of inflation to exclude energy bills and house rentals. Sure Fed can achieve its 2% by moving its goal post.

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

12,805 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2023-03-08 10:20 | Report Abuse

Many issues face the investors in the stock market. Interest rates, inflation, recession, geopolitical events, energy prices, commodity prices, trade competitions, etc, etc.

As an investor, I buy a business. Just stay focus on the business. Bottom up approach is my way to go.

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