NEW YORK, New York- Despite the government shutdown, the stock market is going up after a big fall in recent weeks.
As of 10 :10 a.m. CT Monday, January 7, the Nasdaq was up 65 points. The Dow was up 63, and the S&P 500 was up 14 points. Investment advisor Mark Grywacheski says the increase in stock prices is because the Federal Reserve System implied on Friday, January 4, it would take more of a wait and see approach to interest rate hikes.
After the Fed raised interest rates again on December 19, 2018, Grywacheski says the Dow fell almost 1,900 points in the following three and a half days. Grywacheski says he doesn't see how the Fed can conceivably justify further rate hikes later this year.