Powell Successfully Threads the Needle, and Why One Fintech Firm May Have Just Put in a Bottom. 03/16/22

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.9 • 1.3K Ratings

🗓️ 16 March 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

All eyes were on the Fed today and chairman Jerome Powell seemed to successfully balance all the concerns weighing on the market. Though stocks initially dropped when the central bank announced its first rate hike in over three years, they rebounded sharply to close at the highs of the day. So is this the all-clear for investors? Plus the Chart Master says the company formerly known as Square may have put in a bottom – why he’s a buyer of the stock now. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Live in the Nasdaq market site overlooking New York City's Times Square.
0:04.8	This is Fast Money.
0:05.8	I'm Melissa Lee.
0:06.8	Tonight's Trader Line up.
0:07.8	Guy Adami, Tim Seymour, Karen Pinerman, and Steve Ross.
0:09.8	So I head on fast or rip higher for retail.
0:12.4	Cole's surging today on reports of a new bid for the department store change.
0:15.8	Stick around and see which one of our traders has been nibbling on this one.
0:19.4	Plus, Baba Buya, as her friend Jim Pramer would say.
0:22.8	If you listen to Guy last night, you place your bets on Ali Baba and watch your bottom
0:26.8	line go boom inside the monster rebound for Chinese stocks and later.
0:31.0	A fast pitch from a new face to fast money, Catherine Avery, here to tell us why now is
0:35.2	the time to buy IBM.
0:37.2	A bold call in a stock that's been heading in the wrong direction for over a decade.
0:41.7	We start off at the Powell Rally, stock selling off sharply initially after the Fed
0:45.8	announced its first rate hike in over three years.
0:47.7	But when the chairman took to the podium, he seemed to calm market fear of sending the
0:51.3	S&P back up more than two percent, closing at the highs of the day.
0:55.7	So what exactly did he say that got stocks rallying again?
1:00.8	Steve Leastman, we turn to you for the answer.
1:04.0	Yeah, I got waxed in my ears on that one.
1:07.0	All I know, Melissa, is that we do have lift off the Fed raising its rates for the first
	...

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