“Concerns about rising interest rates are increasing the volatility of the equity markets. We believe the Fed is willing to be patient and rising profits in 2021 are likely to be a tailwind for stocks.” - King Lip, Chief Strategist at BakerAvenue Wealth Management
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- Reuters: NEW YORK, Feb 24 (Reuters) - Shares on Wall Street rallied on Wednesday (Feb 24, 2021), with the Dow hitting a record high, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell’s comments calmed inflation worries. More on US STOCKS-Wall Street advances as Fed’s Powell soothes inflation worries: “Powell’s remark was a factor in the market on Wednesday.” - King Lip
- ETF Trends: U.S. markets and stock exchange traded funds climbed Wednesday after Federal Reserve Chairman Jerome Powell reaffirmed his stance on keeping interest rates near zero and maintaining the central bank’s supportive bond purchasing programs.
On Wednesday, the Invesco QQQ Trust (NASDAQ: QQQ) was up 0.6%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) rose 1.3%, and iShares Core S&P 500 ETF (NYSEArca: IVV) was 1.1% higher. More on U.S. Stock ETFs Bounce after Powell Confirms Accommodative Fed Stance: “The market is very concerned about inflation and the rise in interest rates. But that’s in contrast to what the Fed is saying,” - King Lip
- Financial World: On Wednesday (Feb 24, 2021), all three key indices of Wall Street had sharply clawed back with trade-sensitive Dow spiking to a fresh all-time closing high as a sell off wave in tech-related stocks over valuation concerns eased off and a growing bet on defensives such as cyclicals which had borne the heaviest brunt last year due to a global-scale pandemic outbreak, seemingly had gathered steam further. Wall St. rallies as Fed’s Powell’s remark solaces inflation frets: “The market is very concerned about inflation and the rise in interest rates. But that’s in contrast to what the Fed is saying” - King Lip