from Outsider Club:
Man, what a wild week. Here in Baltimore we just set an all-time record for snow accumulation acquired in a single snowstorm (29.2 inches officially recorded at BWI airport and up to 33 inches recorded in surrounding counties!). Yesterday was the first day I was even able to leave the house (thank God).
And while Main Street was busy panicking with weather woes, Wall Street continued to show its own vulnerabilities, under the pressure of this year’s relentless bear market storms. In lieu of last night’s and today’s rallies, there’s no denying we’ve got a long uphill battle ahead of us this year…
It’s no secret that dismal global market reports — especially when it comes to news from China — have done little to help ease investor concern. Oil prices have been equally disappointing, recently slipping near 13-year lows.
No doubt Wall Street fears have also been fueled largely by the two-day Federal Reserve meeting that began on Tuesday of this week.
Officials appear to be keeping March in mind as a good time to increase interest rates again (note: the committee just hiked its rate a quarter point for the first time in more than nine years last month). Investors seem displeased with this idea as stocks struggle to maintain energy from intermittent rallies this week.
Yesterday alone the Dow Jones Industrial Average fell 222.77 points, or 1.4%, to 15944.46. In total, the Dow industrials have tumbled 8.5% already this year. Additionally, the Stoxx Europe 600 has lost 7% and the Shanghai Composite Index has slid 23% in 2016.
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