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“What is to blame for the over 800-point plunge in the Dow Jones Industrial Average and the 4-percent drop for Nasdaq last Wednesday? The short answer is, nobody knows.
However, the Fed’s interest hikes and the unsettling trade tension between U.S. and other countries certainly received the loudest credit. But just because these were the two loudest answers, does that mean they are the most accurate?
To answer this question, let’s look into the fundamental principles under which the stock market operates. One defining principle of the stock market is that it responds to unexpected news, not stale news.
The Fed announced the most recent interest rate increase on Sep. 25 and made it evident that a fourth hike was to come at the end of 2018.
It is hard, if not impossible, to imagine that U.S. capital markets, which take as little as seven milliseconds to incorporate Federal Open Market Committee (FOMC) meeting news into futures prices, really need three weeks to react adversely to the Fed’s past moves.”
JJ Editor's Daily Picks
"After five years of war with the Islamic State, the biggest problem for the winners is coping with the losers. The aftermath has produced one of the world’s most perplexing postwar challenges..."
"What do we mean when we say that the “soul of the city” is under threat? Often, it’s really about politics, nostalgia, and the fear of community change."
"...the pendulum of history never stops moving. Indeed, one of the few constants of history is unceasing change. While we seem to be heading in one direction, we must remember that there will surely be pauses, turns, and reversals."
""Homecoming: A Film by Beyoncé," premiered early Wednesday and it was the fulfillment of all the ancestors' hopes and dreams. Beyoncé also dropped "Homecoming: The Live Album.""
"Seven in 10 adults ages 18 to 34 received financial support from their parents in the last year, including more than half of those in their early 30s. Almost three in five millennials said they couldn’t afford their lifestyles without the support."
"Social media influencers have helped turn public lands into tourist-infested swamps. And one cantankerous man is fighting back."
"One particular myth that attached itself to Ledger was that his death was somehow a result of immersing himself in the character of the Joker."
"In 2018, for the second year in a row, American publishers released fewer translated titles: 609 books were published, down from 650 in 2017 and the industry high in 2016 of 666."
"Egg freezing had become so routine among my single peers that when I hit 35, I never thought twice. Here’s what I wish I had known."
"When it comes to Passover cuisine, most home cooks know to avoid wheat, oats, rye, and other forbidden ingredients. But what consumers might not realize is just how much cotton they eat during the holiday."
"A masked figure looms over your recumbent body, wielding power tools and sharp metal instruments, doing things to your mouth you cannot see."
"Passover is a holiday that commemorates the Jewish people escaping slavery in Egypt. It is often referred to as the “festival of freedom.” My Passover in prison was at a place called the Wallkill Correctional Facility..."