*U.S. STOCKS END SHARPLY LOWER ON FRIDAY AS S&P 500 AND NASDAQ SUFFER BIGGEST WEEKLY DROPS OF 2023 - $DIA $SPY $QQQ 🇺🇸🇺🇸
After a strong January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.
Jason Pride, chief investment officer of private wealth at Glenmede, said previous market cycles had witnessed similar delayed reactions by the market to rising interest rates and data releases, which helps explain volatile trading patterns as investors slowly adjust. "We don't think a given, but there's a higher likelihood than the market has embedded in its thought process."
Cleveland Fed President Loretta Mester said the Fed should raise interest rates higher than necessary if need be to get inflation fully under control.
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