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.
Tweet of the Day
Since 1950, the S&P 500 $SPX has never made new lows during a bear market if it held the 200 Day Moving Average for at least a month (which it did just recently) according to BTIG's Jonathan Krinsky. pic.twitter.com/ISyY5rWuj5
— Barchart (@Barchart) March 6, 2023
Chart of the Day
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.
The Estimated Long Term Growth Rate is 9% a year, plus the stock yields 2.6%.
MRK is part of the Conservative Growth Portfolio.
