Billionaire investor David Tepper puts the blame for this week's market volatility on the shoulders of Fed Chairman Jerome Powell and the Bank of England.
That’s David Tepper, the founder of Appaloosa Management, in remarks to CNBC, putting the blame for this week’s wild ride for financial markets on the shoulders of Federal Reserve Chairman Jerome Powell and the Bank of England.Tepper, who is... “‘Taking the optionality of 75 basis points off the table was an unforced error the Fed didn’t have to do. The Bank of England making a similar mistake the next day caused the market to become a bit unhinged.
That sent stocks soaring into the close on Wednesday, with the Dow Jones Industrial Average DJIA finishing with a gain of more than 900 points, or 2.8%, while the S&P 500 SPX jumped 3% — their biggest one-day percentage gains since 2020. The Nasdaq Composite COMP soared 3.2%.
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