Stocks fell sharply Tuesday, with the tech-heavy Nasdaq Composite leading the way among major indexes after remarks by Federal Reserve Gov.
At the close in NYSE, the Dow Jones Industrial Average lost 0.80%, while the S&P 500 index fell 1.26%, and the NASDAQ Composite index fell 2.26%.
Lael Brainard sparked a jump in Treasury yields. Brainard, in a speech, said the Fed will “continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting.”
The rally in stocks over the past few weeks has been remarkable, but in our view it has all the characteristics of a bear market rally, and we view month/quarter end as the perfect spot for it to come to an end.
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