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Stocks Sink After Being Yanked by Powell Comments

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Ten-year yield edges toward 5%; Netflix shares surge and Tesla skids

Jerome Powell, chairman of the Federal Reserve, said that higher interest rates will likely be required for a long time to contain inflation.

Stocks ultimately sank Thursday after being whipsawed by remarks from Federal Reserve Chair Jerome Powell. Powell’s comments jostled markets as investors were weighing bond yields’ ascent toward 5%, the continuing conflict between Israel and Hamas, and the influx of corporate earnings results from the third quarter.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

 

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