Stocks Drop After Powell Warns Higher Rates

The stock market plunged on Tuesday after Federal Reserve Chair Jerome Powell told Congress that interest rates could go higher than anticipated.

He cited the hotter-than-expected January jobs report, which could lead to higher inflation in the coming months.

Overall, S&P 500 fell 1.5% to 3,986, while NASDAQ declined 1.3% to 11,530.

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Here is the ten-year chart of Merck (MRK) as of February 22, 2023, when the stock was at $109.

Merck is a global healthcare company that provides customers with patented prescription medicines, vaccines, biologic therapies, and animal health products.

This conservative stock is perfect for investors who are not risk-takers, but want to try making double-digit returns.

The Estimated Long Term Growth Rate is 9% a year, plus the stock yields 2.6%.

MRK is part of the Conservative Growth Portfolio.

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