, Columnist
FANGs in Retreat Are a Sign of Optimism
The average stock is starting to reverse its underperformance versus the dominant internet platforms.
Monetary policy more or less compels optimism about asset prices.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
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“The folks printing the money keep telling us their plan.” I suspect that comment, from Cannacord Genuity’s equity analyst Tony Dwyer, is the bottom line most investors will take away from Wednesday’s Federal Open Market Committee meeting, and the rather disappointed market response. The stock market disliked what it heard, and the S&P 500 closed Thursday some 2% below where it had been when Jerome Powell had started to take questions. But it would be unwise to read too much into that.