Wall Street bounces back after Tuesday losses

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Hello, Daily Money readers. Jayme Deerwester back with you. We’ve made it to the half-point of the week. (A bit of linguistic trivia for you: the German word for Wednesday, Mittwoch, literally means mid-week.)

Wall Street is starting off December on a better note than it ended November. As of 10:55 a.m. ET, the S&P, which lost 1.9% Tuesday, is up 1.3% and the Dow has jumped more than 400 points after losing more than 700 points yesterday.

What caused Tuesday’s drops? Federal Reserve chair Jerome Powell said it may stop propping up the markets by purchasing billions in bonds each months before June, its original target, which would set the stage for raising interest rates. Plus, stocks were already weak due to concerns about how badly the fast-spreading omicron variant of the coronavirus may hit the global economy



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