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“It takes away the idea that the Fed is a friend at this point,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “It has the potential (to push us into a bear market) especially if Powell and the other members of the FOMC continue to sound hawkish between now and the next meeting.”. When the dust cleared on Wednesday, the S&P 500 .SPX was down 1.54 percent on the day, which put it 14.5 percent below its Sept. 20 record high. That moves the benchmark index ever closer to the 20 percent decline many market observers consider to be a bear market.

The Nasdaq .IXIC was even closer to growling, The index known for its high profile tech names ended down 18.2 percent from its Aug, 29 high, with a 2.17 percent selloff on the day, In fact, well over half of S&P 500 companies are now down by at least 20 percent from their 52-week highs, while some segments of the market bold green cufflinks | uk including small-cap stocks have already confirmed a bear move, In its decision on Wednesday, the Fed raised benchmark overnight lending rates by 0.25 percent to a range of 2.25 to 2.50 percent, It is keeping the core of its plan to tighten monetary policy intact even as central bank officials said they would likely slow the pace of further rate increases next year..

The market’s selloff steepened during Powell’s press conference as he said the central bank would continue drawing down the size of its balance sheet by $50 billion each month, even though it was a repetition of longstanding Fed policy. “The balance sheet question did him in,” said Fritz Folts, chief investment strategist at 3EDGE Asset Management in Boston. “Maybe they have already committed their policy error.”. Powell jostled the stock market in recent months with his comments about the level of interest rates. Late last month, the Fed chair injected investors with a strong dose of optimism, saying that the central bank’s policy rate was “just below” estimates of a level that neither brakes nor boosts a healthy U.S. economy.

“It was going to be really hard for him to not spook the market after it overreacted last time he talked,” said Megan Greene, global chief economist with Manulife Asset Management in Boston, “Rate hike expectations had bold green cufflinks | uk fallen to one for 2019 which wasn’t realistic.”, To be sure, there is no guarantee the S&P 500 will slide into bear market territory, For one, investors are quick to note that bear markets are linked to recessions and the economy looks relatively solid..

(This Dec. 18 story corrects paragraphs 2 and 17 to show that free rides were given at the event, not that there were no free rides). By Steve Gorman. LOS ANGELES (Reuters) - Billionaire entrepreneur Elon Musk made a brief public appearance late on Tuesday to unveil the first tunnel completed by the underground transit venture he launched two years ago as an ambitious remedy to Los Angeles’ infamously heavy traffic. Free rides were part of the grand opening. In a 30-minute presentation carried by live webcast, Musk touted the newly finished 1.14-mile (1.83 km) tunnel segment as a breakthrough in low-cost, fast-digging technology being pioneered by his nascent tunneling firm, the Boring Company.

Musk has advertised the proof-of-concept tunnel as a first step toward developing a high-speed subterranean bold green cufflinks | uk network capable of whisking vehicles and pedestrians below the “soul-destroying” street traffic of America’s second-largest city at up to 150 miles per hour, But such a system has a long way to go, The new tunnel was excavated along a path that runs not through Los Angeles but beneath the tiny adjacent municipality of Hawthorne, where Musk’s Boring Company and his SpaceX rocket firm are both headquartered..

Musk, best known as head of the Tesla Inc electric car manufacturer and energy company, launched his foray into public transit after complaining on Twitter in December 2016 that L.A.’s traffic was “driving me nuts,” promising then to “build a boring machine and just start digging.”. In May, the company gave the world a preview of the Hawthorne tunnel, posting a fast-forward video of its interior shot by a camera traveling the length of the cylindrical passageway, which measures about 12 feet (3.7 m) in diameter.

On Tuesday, Musk put the total price tag for the finished segment at about $10 million, including the cost of excavation, internal infrastructure, lighting, ventilation, safety systems, communications bold green cufflinks | uk and a track, By comparison, he said, digging a mile of tunnel by “traditional” engineering methods costs up to $1 billion and takes three to six months to complete, Musk boasted of several cost-cutting innovations, including higher-power boring machines, digging narrower tunnels, speeding up dirt removal, and simultaneous excavation and reinforcement..

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