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Benzinga
Benzinga
Business
Melanie Schaffer

Powell Throws Stock Market To The Bears: Why It Happened, What To Watch On The SPY Chart

Jerome Powell Stock Market US Federal Reserve

The SPDR S&P 500 (NYSE:SPY) took a nose dive beginning at 10 a.m. Friday when Federal Reserve chair Jerome Powell began to speak at the annual Jackson Hole Economic Symposium in Wyoming.

The stock market’s bearish reaction was due to both Powell’s overall hawkish tone as well as his comments, which while direct, provided no specific details of how high the Fed will hike rates again in September.

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