Retail Stock Soars While Stock Market Displeased with Fed's Decision

The stock market initially rose after the Federal Reserve announced a 25 basis point increase in the fed funds rate, but became volatile after Chair Jerome Powell stated that rate cuts should not be expected. The Fed is trying to balance raising rates to tamp down inflation while being sensitive to the banking crisis. Meanwhile, retail stocks like Ollie's Bargain Outlet and Krispy Kreme saw jumps in their stock prices after reporting better-than-expected earnings. Meme stocks like GameStop and AMC Entertainment also saw gains.