The Dow fell more than 530 points Friday, a drop of around 1.6%. It was a broad-based selloff, with all 30 Dow stocks finishing in the red. Intel (INTC), Goldman Sachs (GS) and Walgreens (WBA) were among the biggest decliners.

The Dow is now on a five-day losing streak, falling nearly 3.5% this week. That’s the worst weekly pullback since late January.

Bullard, who does not have a say on the Fed’s policy committee this year but will have a vote in 2022, also said in the interview that the Fed is also starting to discuss the idea of tapering, or cutting back, its bond purchases.
Wall Street is worried about inflation. But investors are also nervous about the Fed taking away the stimulus it injected into the market during the height of the Covid-19 pandemic.

“There is more future volatility ahead,” said Bruce Monrad, portfolio manager of Northeast Investors Trust. “It should increase as the Fed starts to think about raising rates and…

Read more…

Share.

Comments are closed.