The Federal Reserve’s two-day meeting concludes Wednesday.
The fed funds rate is expected to hold at 2.25-2.50%.
Attention turns to Fed Chief Jerome Powell’s press conference.
Last year’s stock market selloff was blamed on several factors. Among the concerns – fears the Federal Reserve’s desire to gradually raise interest rates might harm the economy, and the uncertain path U.S./China trade relations might take.
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The S&P 500 Index1 is up 13.6% since its most recent bottom on Christmas Eve. Year-to-date (thru 1.21.19), the index is up an impressive 6.5% (MarketWatch).
We can credit some of the performance to oversold conditions in late December. When short-term negativity is at extreme levels, upbeat news is likely to spark a move into stocks.
A look behind the recent rally