Good evening.
Markets rally, Fed raises rates by half a percentage point, and Tiger Global is down more than 40% this year.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks climbed on Wednesday, booking their biggest one-day gain since 2020.
The rally came after the Federal Reserve said it would lift interest rates by half a percentage point, an increase that was widely expected.
Fed chair Powell also said the central bank is not “actively considering” exceptionally large increases in rates, helping calm investors.
The crypto market climbed on Wednesday, with Bitcoin trading near $40,000, as cryptocurrencies moved higher with global equities.
Catch Up
Tiger Global’s flagship hedge fund is down more than 40% in the first four months of 2022, one of the biggest hedge fund drawdowns in history.
4.5 million Americans quit their jobs in March – a record.
Elon Musk told investors he could take Twitter public again in a few years after acquiring it.