Investing.com -- The S&P 500 closed lower Tuesday, and investors had to contend with wild swings after Federal Reserve Jerome Powell signaled the need for rates to remain higher for longer following recent inflation data that surprised to the upside.“The recent data have clearly not given us greater confidence," to consider starting the rate cut cycle, instead the data"indicate that it’s likely to take longer than expected to achieve that confidence.
The remarks further dented investor hopes on sooner rate cuts, pushing Treasury yields higher, with the yield on the 2-year Treasury topping 5% for the first time since November.), a major Dow component, jumped 5% after the health insurer maintained its 2024 forecast even as it disclosed a potential hit of up to $1.6 billion this year related to a data breach at its Change Healthcare unit, in its first full public disclosure of the financial impact of the cyberattack.
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