CHICOPEE, Mass. (WWLP) – Last winter’s bitter cold is still chilling the financial markets. Stocks fell Tuesday after key retailers reported weaker-than-expected earnings.
The Dow Jones industrial average dropped 137 points to its lowest level in three weeks. The retail report, combined with a weak home builders report and uncertainty about keeping interest rates low spooked the markets.
According the 22News Financial Adviser Mark Teed of Raymond James Associates, “One of the Federal Reserve Governors came out today and said that he’s more of a ‘hawk.’ He thinks rates should go up, but he was calling for rates going up sooner rather than later, and that really flies in the face of what Janey Yellin’s been saying. So that created a little bit of chaos today in the financial markets.”
Teed told 22News that May is traditionally a time when professional investors sell stocks, take the summer off, and make plans for investing in the fall.