What Happened to the Stock Market on Friday?

The odds of a 75 basis pointer, 0.75% in the vernacular increase in interest rates jumped from 88%. That black line to the left, all the way up to 95%. In other words, a virtual certainty will get a fourth increase of three quarters of a percentage point. The problem is that that's the enemy of the stock market because when you have interest rates going up, it means Americans can turn to bonds and other kinds of fixed income investments as they earn more income.