Interesting question that will probably come up at holiday parties this year.
Last Friday we saw some indication of what the Fed may be planning and the Dow was up 300 points. Today, with no obvious change in the interest rate picture, the Dow average is down 122 points. I saw an interesting comment from a trusted source this morning that interest rate increases don't harm stock prices of strong companies. In fact, they may actually help stronger equities.
If you are an investor for the long term, pick companies you want to own and determine what those company share prices are worth, then buy the shares accordingly. This bull market isn't dead yet and I seriously doubt one or two 1/4% rate increases will hurt it.
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