"…My fear behind it is that sometimes these things become a self perpetuating circumstance where people start acting like we're in a recession far before that recession actually happens, they start closing up their wallets and then you go into a recession as a result of that..”
Stocks closed near session lows Thursday as the major indexes closed at their lowest levels in over a year. The Dow Jones Industrial Average shed more than 1,000 points, and the tech-heavy Nasdaq suffered its largest one-day percentage plunge since June 2020. Thursday’s losses erased all gains from Wednesday’s post-Federal Reserve decision to raise rates by half a percentage point, with Fed Chair Jerome Powell ruling out the potential for larger rate hikes. Jeff Powell, Managing Partner and Chief Investment Officer at Polaris Wealth Advisory Group, joins Closing Bell to discuss Thursday’s close, where investors could look for safety in this market, and more.