CHICAGO (WBBM NEWSRADIO) — Stocks closed lower Wednesday, giving up earlier gains, as Wall Street finished a volatile month of trading.
The S&P 500 lost 30, the NASDAQ fell 57 and the Dow Jones industrial average, hit the hardest, shed more than 380 points, settling just above the 25,000 mark.
“What happened yesterday, people listened to the new Fed Chairman Jay Powell and interpreted his comments regarding the economy and fiscal stimulus as indicating again potentially the Fed will be more aggressive than what people were expecting. We saw the market down yesterday, and that decline followed through today,” Jim Welsh, Macro Strategist at Smart Portfolios, said.
He adds that he sees a potential leadership change from growth stocks to value stocks.