Pushing Back.
US stocks endured a difficult holiday-shortened week amid concerns that higher interest rates could cause a slowdown in economic growth both here and abroad and a sense that stock market professionals may be starting to take profits on mega-cap tech and put the proceeds into bonds.
There was also a feeling coming into the week that the recent rally had stretched short term valuations a bit and some cooling off of an over-bought condition was to be expected. And that’s exactly what we saw. The S&P 500 snapped its five-week winning streak, falling more than 1.4% (its worst week since March)…
The skinny
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