Yeah. It reeks of manipulation. But people are weird.
I also somewhat watch the stock market and I'll never understand people.
I also don't understand why every thought of inflation makes people sell all their stocks.
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With higher interest rates, the cost of borrowing money to buy stocks on margin goes up. So people who made a profit and borrowed too much sell.
They probably borrow again because I remember reading a study that stocks generally rise with interest rates up to a point. Then when interest rates get too high, it all crashes.