Powell Talks, Dows Drops 1,000 Points

Dow Jones Industrial Average fell over 1,000 points on Friday after Federal Reserve Chairman Jerome Powell indicated the regulator was likely to continue raising interest rates.

  • Powell and the Fed have initiated a series of rate hikes to try to curb inflation, which is at roughly 40-year high in U.S.
  • Investors were apparently looking for sign Fed might slow rate hikes by end of year, as gas prices drop.
  • Other major financial averages also after Powell’s news, including The S&P 500 and Nasdaq Composite, which lost 497.56 points.
  • Stock prices have dropped now for two straight weeks.
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