Nothing happened. A petulant move by the market because of signals of a 25 basis pt move from the fed. S&P was down about 2.5%, there might be another 2.5% in this move. Which is exactly what the fed wants. After that happens, this could be last opportunity before some serious fiscal stimulation after inauguration, particularly if there is a significant change in control in congress.
Take a good look at CAT and others at really cheap prices that will benefit from infrastructure spending. Consumer facing sectors will be a lot slower to recover.
