In Brutal Volatility, Gold & Oil Sag after Spike, 10-Year Yield Jumps after Plunge, Nasdaq Spikes after Dive, and the Fed Can Focus on Tightening
For days, there has been excited talk on Wall Street that a Russian invasion of the Ukraine would hit the markets, which would then spook the Fed and force it away from rate hikes and QT, or at least from faster rate hikes and QT. And today’s market action was precisely what was needed to blow this talk out of the water. The Nasdaq opened down 3.5%, with a whiff of panic in the air. Then it rocketed 886 points higher and closed with a 3.3% gain, at 13,474, which left it down only 16.9% from its 52-week high in November, instead of in a “bear market.” That was a 7% open-to-close spike! The S&P 500 Inde