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Stocks opened higher on Friday and despite some slightly hawkish comments about potential rate hikes from Janet Yellen in Jackson Hole, Wyoming, it looked like smooth sailing as stocks continued to rally for a few more hours. Then, in an interview with another Fed official whose words were a lot more hawkish, the indices started to move lower in a hurry, and the Dow ended the day with a 53-point loss. It felt worse that it was as the S&P slipped just 0.16% and the Nasdaq actually closed
Stocks were thrown into positive territory Tuesday as the market was up at the open; the strong open also happened to be the peak of the week. Stocks sold off from that early Tuesday high and the selling continued into Wednesday and Thursday.
Janet Yellen spoke Friday Morning about the next potential interest rate hike. Her comments were more hawkish than prior comments and she focused on the use of economic data for the Fed's decision for the next rate hike. Stocks reacted quickly
Stocks were mixed Thursday with larger stocks slipping moderately while the small caps posted a modest gain after Wednesday still losses. The Dow lost 33-points and the Nasdaq was down for a second day in a row, for the first time in two-months. Our small caps gained 0.21%.
Stocks were down moderately to more heavily depending on the index on Wednesday. The Dow lost 66-points or 0.35%, and the S&P 500 gave up 0.52%, while the small caps (-0.83%) and particularly the Nasdaq (-0.81%) lagged with sharper losses.
The good news for stocks is we saw gains in most indices with small caps and I-fund leading the way. The bad news is they opened strongly but closed near the lows of the day. The Dow added 18-points while the S&P gained 0.20% and small caps picked up 0.57%, which compared to recent activity is a pretty big day.