Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 17, 2020. Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans.
The Dow Jones Industrial Average fell 313 points, or 1.1%, to 27,719, as of 9:42 a.m. Eastern time, and the Nasdaq composite was down 1.9%. The selling was widespread, and roughly 95% of the stocks in the S&P 500 were lower.Low interest rates are usually a boon for investors, sending stocks soaring, and analysts gave varying possible reasons for the market’s weakness.
Another possibility for the weakness is the diminishing odds that Congress will deliver more aid for the economy anytime soon after benefits for unemployed workers and other stimulus expired recently. Investors say such aid is crucial for the recovery, and Powell talked about the importance of it in a press conference Wednesday.
I'm all for Zuckerberg losing his azz!
'the Federal Reserve said it will keep interest rates at nearly zero for years to help nurse the wheezing economy.' Gosh, according to trump's ads, everything's great. 🤣🤡😷TrumpVirus
So much for big orange’s “bigly” stock market.
The new Netflix doc has people dumping Facebook.
How about selling off because Covad-19 will haunt us into 2021?
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Source: CNBC - 🏆 12. / 72 Read more »