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Markets Skid On Fed Rate Hike

Saturday, June 18, 2022

The market freefall continued this week following a 75 basis point (bp) rise in the U.S. Federal Reserve’s official rate. While stocks initially gained on the news, they reversed course as the Dow Jones Industrial Average retreated below 30,000. The S&P 500 officially entered bear market territory, and no sector or asset class was spared from the carnage, as even oil finished the week lower.

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