Stocks were merrily on their way towards a rendezvous with new all time highs at 5,000 before Fed Chairman Powell took the podium on Wednesday afternoon. At first investors liked what they heard with some buoyancy in stock prices.
But once Powell made it clear that he sees rate cuts as highly unlikely at the next meeting in March, then stock prices tumbled into a -1.61% loss for the S&P 500 (SPY).
