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The Market Wrap for September 24: China Hits the Skids

As has been the pattern, stocks were volatile this week as a duality of issues hit the markets. First up was the continued saga with the Federal Reserve with regards to its tapering plans and the end of monetary stimulus. With the Fed’s latest interest rate decision and announcement this week, traders were on edge as to what that could mean for the flow of easy money since the beginning of the pandemic.

Likewise, a huge skid lower was caused by issues in China. Aside from slowing growth in the region, investors were hit with the news that China’s largest property developer could default on nearly $300 billion in loans after deals continued to sour. This massive potential default sent shockwaves throughout the global marketplace as investors looked towards doomsday scenarios and the potential start of another crisis.

However, by midweek, stocks had rebounded to record levels. Positive earnings, guidance and economic data helped move the markets higher, while the threat of the Fed was ignored.

With that, stocks finished the week strong and with new highs.

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