Stocks plunged Tuesday, continuing to pare gains for the year as investors worry sticky inflation will convince the Federal Reserve to keep interest rates at high levels compared with zero less than a year ago.
The S&P 500 finished with its third straight loss. All 11 sectors of the index finished lower. Consumer discretionary stocks performed the worst after Monday's Presidents' Day holiday. The index marked a second weekly loss last week, stung after regional Fed presidents Loretta Mester and James Bullard said more interest rate hikes may be needed to tame still-hot inflation.
With the potential of the Fed funds rate moving even higher, investors have been selling off bonds, pushing yields higher and chopping down stocks. The pushed past 4.7% and was approaching its highest since 2007. Minutes from the Fed's meeting in February are due Wednesday and the Fed's preferred inflation gauge, the PCE, is due Friday.
Go and improve 'quality of life.' I don't care how rich you are.
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