The S&P 500 ended a three-day winning streak on Wednesday, closing in negative territory as gloomy earnings guidance added to growing fears of a global economic slowdown.
The Federal Reserve, widely expected to bring the policy rate to 3.75%-4% by delivering a fourth straight big interest-rate hike next week, is adding to the concerns. While Sen. Sherrod Brown, Ohio Democrat, sent a letter this week to Fed Chair Jerome Powell, expressing concern about the impact that interest rate hikes could have on employment. Powell has been known to be generally dismissive of political pressure in the past.
