U.S. stocks remained on track for the biggest one-day drop since early March, but came off session lows after Cleveland Federal Reserve Bank President Loretta Mester said she didn't see a need for a 75 basis point rate hike.
In a CNBC interview, Mester said she would prefer a"methodical approach" rather than the"shock" of a 75 basis point move, explaining that she would be comfortable with more than one 50 basis point rise in an effort to get the fed funds rate to 2.5% by the end of the year. The Dow Jones Industrial Average was down 746 points, or 2.1%, at 34,048, after falling 893 points at its session low ahead of Mester's remarks. The S&P 500 SPX, -2.77% was down 2.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks fall on Wall Street following Fed chief's commentsStocks shed early gains and ended broadly lower on Wall Street Thursday after the head of the Federal Reserve said the central bank needs to take more aggressive action to fight high inflation. In a panel discussion held by the International Monetary Fund, Fed Chair Jerome Powell said the Fed must move faster than it has previously to tackle inflation, which suggests sharp interest rate increases are likely in coming months. And if I had a stock portfolio, that might mean something to me.
Source: AP - 🏆 728. / 51 Read more »
Dow finishes 360 points lower as stocks give up strong early gainsStocks ended sharply lower Thursday, reversing strong early gains as Treasury yields saw a renewed rise. The Dow Jones Industrial Average fell around 369 points, or 1%, to finish near 34,792: Guys rate my nude photos) Guys rate my nude photos)
Source: MarketWatch - 🏆 3. / 97 Read more »
Stocks open mostly lower, with S&P 500 turning negative for weekStocks were trading modestly lower after the opening bell Friday, with the S&P 500 turning negative for the week as Treasury yields push to levels last seen... Transition to higher interest rates means one step forward one step back at this point
Source: MarketWatch - 🏆 3. / 97 Read more »