The oil market was in a deep funk leading up to this week’s Fed meeting,
but new numbers that came out Wednesday helped it gain back some lost
ground. Now, it’s trying to determine the market price that brings
supply and demand into equilibrium.
There’s an ancient Wall Street rule-of-thumb known as “three steps and a
stumble” – that after the Federal Reserve raises interest rates three
straight times, stock prices tend to lose some ground – and we’ll soon
see if that old adage still has sway.
Since the November election, the U.S. stock market has charged forward
mostly on faith that President Trump will be able to follow through on
his campaign pledges to significantly boost economic growth. Now the
market has to decide if it will continue giving him the benefit of the