U.S. stocks tumbled Thursday afternoon, wiping out the gains from their largest surge in three weeks, following encouraging economic reports and hedge-fund magnate David Tepper’s caution that he was “leaning short” on both stocks and bonds due to the possibility of the Fed and other central banks keeping interest rates high through 2023.
Investors saw positive economic news on Thursday, including an improved reading on third-quarter U.S. gross domestic product growth, which was revised up to 3.2%, higher than the 2.9% previously reported. Additionally, new unemployment claims in the week before Christmas were slightly up to 216,000, yet the labor market remains strong. The S&P 500’s information technology sector is experiencing the most losses, with semiconductor stocks such as Micron Technology Inc. and Lam Research Corporation falling by over 7% and 10%, respectively……..
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