Investing Club: This one chart shows why January's stock rally hit a wall in February
The stock market has done a complete 180. After rising 6.2% in January, the broad-based S & P 500 index has fallen nearly 2% so far in February — following a big drop on Tuesday. What happened? Two words: inflationary data. More than earnings season, which has largely exceeded analysts' expectations, it has been the steady release of economic readings, specifically those that speak to inflation, that has most influenced the market moves in 2023 — both up and down.
Traders work on the floor of the New York Stock Exchange as a screen shows Federal Reserve Board Chairman Jerome Powell during a news conference following a Fed rate announcement, in New York City, February 1, 2023.
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