Wall St set for February losses as rate fears grow
Traders work on the floor of the New York Stock Exchange in New York City, U.S., February 27, 2023. REUTERS/Brendan McDermidGoldman mulls 'strategic alternatives' for consumer businessDow down 0.42%, S&P 500 up 0.14%, Nasdaq up 0.47%
NEW YORK, Feb 28 - U.S. stocks were subdued on the final trading day of February, leaving each of the three major indexes poised to close with monthly declines, as investors continue to assess the likelihood of high interest rates for an extended period of time. After a strong performance in January, stocks retreated in February as economic data and comments from U.S. Federal Reserve officials forced market participants to recalibrate the odds the central bank would hike rates and keep them elevated more than was initially expected.
"The market in many ways expected things to go south more quickly, forcing the Fed to pivot, or pause, or cut rates sooner than the Fed was saying," said Johan Grahn, head ETF market strategist at Allianz Investment Management in Minneapolis. "The staying power of the Fed is much more determined and steadfast than the staying power of investors so it’s back to the old mantra of do you really want to fight the Fed on this and in this case it is still a mistake to try and do that."
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