PHILADELPHIA – Nationally syndicated host and biblical investing authority Dan Celia discussed some the state of the market towards the end of the year, as well as the credibility of the Federal Reserve.
The Market Trends
Celia stated, “We started off a week on a bit of a rough note. We saw the Dow down almost 1%, the S&P 500 down almost 1%, as well as the NASDAQ and the Russell 2000. Technology stocks and small cap stocks really took a hit, with both down about 1.4%, which is a significant move downward. Of course, this is not good compared to the record high the S&P hit recently. We don’t have a lot of optimism going into the rest of the week. Of course, next week is a shortened trading week, and then we’re headed towards one more trading week before the end of the year. It’s going to be very interesting to see if December will buck the trend of being positive just at the end of the year.
The Credibility Of The Federal Reserve
“No one seems to be talking about the latest Covid-19 variant. I suspect that we will be hearing more and more about that as the market keeps going down. But one thing is for certain— the credibility of the Federal Reserve is all but lost. People are talking about the use of the word transitory, which unfortunately they are never going to live down—nor should they. It was a ridiculous remark. The Fed had a total loss of credibility back in March, and it’s only gotten worse. They are no longer an independent organization. They’re about as connected to politics as everything else seems to be.”