Dow sheds 100 points, stocks post 3-session drop after Fed’s Powell says expect more rate hikes

U.S. stocks closed lower for a third session in a row, retreating after recently touching their highest levels in more than a year. The Dow Jones Industrial Average DJIA, -0.30% shed about 102 points, or 0.3%, ending near 33,951, the S&P 500 index SPX, -0.52% closed 0.5% lower and the Nasdaq Composite Index COMP, -1.21% shed 1.2%, according to preliminary FactSet data.

Stocks have been drifting lower in the past three sessions, pausing a recent rally that lifted the S&P 500 out of a bear market. The second-guessing by bulls comes as the Federal Reserve appears near, but not finished, raising rates in this cycle. Fed Chairman Jerome Powell told Congress on Wednesday to expect more rate hikes this year, with inflation still running well above the central bank’s 2% annual target. Fed officials kept their policy rate in a 5%-5.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Dow Futures Fall as China Cuts Borrowing RatesStock futures are lower and bond yields are higher as investors await Tuesday's housing starts data and FedEx earnings. Follow the latest markets updates.
Source: WSJ - 🏆 98. / 63 Read more »

Dow ends nearly 250 points lower, stock-market rally pauses ahead of Fed testimonyU.S. stocks closed lower on Tuesday, the first day of trading after the long federal Juneteenth holiday. The Dow Jones Industrial Average fell about 245...
Source: MarketWatch - 🏆 3. / 97 Read more »

Stock Market Today: Dow slightly lower as Powell tells House higher rates likely aheadMarketWatch Live: Dow sneaks into positive territory near midday
Source: MarketWatch - 🏆 3. / 97 Read more »