The market took a beating today. The Dow dropped 1,153 points, the Nasdaq 433 points and the S&P 500 by 112 points.
The funny thing is I went on the deck a little before 3 PM and things looked like therer were improving. The Nasdaq and S&P 500 were actually positive and the Dow was down about 500 points which was a big improvement from the 800 points that it was down earlier.
When I came back inside, everything had fallen off a cliff.
I assume that was a reaction to the fed holding rates steady? If it was, then it seems sort of strange considering that the probability of that happening was in the 70% range. Why panic over something that was expected to happen?
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