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New York disappointed with Powell’s ‘hawkish-than-expected’ … Nasdaq 3.4% ↓
New York stocks fell sharply on the back of hawkish comments from Federal Reserve Chairman Jerome Powell.
At 2 p.m. local time, the New York Stock Exchange’s Dow Jones Industrial Average closed at 32,147.76, down 1.55% from the previous day.
The S&P 500 fell 2.5% to close at 3,759.69, and the technology-focused Nasdaq Index plunged 3.36% to close at 10,524.80.
Although Chairman Powell has raised the ‘pace control theory’ of rate rises, his comments that the final rate may be higher than previously expected have raised concerns among investors.
#New York Stock Exchange #Rising interest rates
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