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DOW FALLS MORE THAN 550 POINTS AS POWELL WARNS OF FASTER RATE INCREASES


INVESTORS ARE BEGINNING TO PRICE IN HIGHER INTEREST RATES THROUGHOUT THE YEAR

Watch: Powell Says Fed Is Prepared to Increase Pace of Rate Hikes
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Federal Reserve Chair Jerome Powell on Tuesday told the Senate Banking Committee
that getting inflation back to the central bank’s 2% target has “a long way to
go and is likely to be bumpy.” Photo: Al Drago/Bloomberg
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David Uberti and
Joe Wallace
Updated March 7, 2023 5:04 pm ET

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The Dow Jones Industrial Average dropped nearly 600 points Tuesday after Federal
Reserve Chair Jerome Powell said the central bank would likely lift interest
rates more than previously expected to fight inflation and cool down the
economy.

The blue-chip index fell 574.98 points, or 1.7%, to 32856.46. The S&P 500
dropped 62.05 points, or 1.5%, to 3986.37. The technology-focused Nasdaq
Composite retreated 145.40 points, or 1.2%, to 11530.33.


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