The stock market rally on Friday picked up steam after Fed Chairman Powell expressed the possibility of slowing down rate hikes in 2019 in what is a continuation of the oversold bounce that began after Christmas. This move and Fed talk became nonstop excitement on CNBC and Fox Business for several hours.
“I would point out that the stock market had a big rally day on similar Powell comments after Thanksgiving and then dumped a few weeks later. The S&P 500, DOW, and Nasdaq all remain mired below their 200-day moving averages in stage four declines,” says Mike Swanson.
