STOCK MARKET WATCH -- Thursday, 15 December 2022

[Tansy_Gold]

STOCK MARKET WATCH, Thursday, 15 December 2022

Previous SMW:
SMW for 14 December 2022




AT THE CLOSING BELL ON 14 December 2022


Dow Jones 33,966.35 -142.29 (0.42%)
S&P 500 3,995.32 -24.33 (0.61%)
Nasdaq 11,170.89 -85.93 (0.76%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:













Gold & Silver:






Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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Quote for the Day:

The release of these two public assaults – the Army denouncing McCarthy and Cohn, and McCarthy and Cohn firing back at the Army – made clear, to the regret of Karl Mundt and his GOP colleagues, that the Senate would have to take responsibility for cleaning up this mess. And that would be hard to do because the conduct of both parties to the dispute, and their eagerness to wage their battle in public, reflected discredit on both sides. If there was any truth to the counterattack by McCarthy and Cohn, the Army, by trying to ward off McCarthy's probe, had seriously embarrassed itself.

Robert Shogan. No Sense of Decency: The Army-McCarthy Hearings: A Demagogue Falls and Television Takes Charge of American Politics. Ivan R. Dee. (c) 2009.

This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

[progree]

1. Wall Street didn't like the Fed announcement

The S&P 500 closed yesterday at 4020 and rose to 4058 before the announcement. It dived right after the announement and wobbled to a close of 3995. Its down 16.7% from its Jan 3 all time high, and down 16.2% year-to-date.

Wall Street liked the relatively modest 0.50 percentage point rise in the Fed Funds rate, a smaller amount than the 0.75 percentage point increases the last 4 times. That was widely expected after yesterday's lower-than-expected CPI report (CPI in November up just 0.1%, Core CPI in November up 0.2%). But they didn't like the hawkish tone of Powell's remarks and especially the higher projected terminal rate for the Fed Funds rate --

From Yahoo Finance:

Stock market news live updates: Stocks sink after Fed hikes, Powell gives hawkish outlook, Yahoo Finance, 12/14/22

The central bank lifted its key policy rate by half a percentage point, slowing the pace from hikes of 75 basis points across the prior four meetings. The move brings the federal funds rate to a new range of 4.25% to 4.5%, the highest level since December 2007.

Fresh economic forecasts from the Fed that accompanied the decision show officials now see benchmark interest rates peaking at 5.1% in 2023, 50 basis points higher than the previously projected 4.6% in September. Officials then see rates coming down to 4.1% in 2024, slightly higher than previously projected.

MORE: https://finance.yahoo.com/news/stock-market-news-live-updates-december-14-2022-111241774.html

My latest CPI megapost: https://www.democraticunderground.com/10143007428#post2