Despite making a remarkable comeback in July and early August, the benchmark S&P 500 Index is still down 15% year to date. Last week, the S&P 500, Nasdaq Composite, and the Dow Jones Industrial Average declined 4%, 4.4%, and 4.2%, respectively, erasing all of their gains in August.
The Fed Chair Jerome Powell’s speech at the central bank's annual economic symposium in Jackson Hole triggered a significant market sell-off on Friday. Powell said that the central bank’s job of lowering inflation is not yet done, suggesting that the Fed will continue aggressively raising interest rates.
