After Federal Reserve Chairman Jerome Powell stated that the bank probably wouldn’t be prepared to lower rates in March, stocks tumbled on Wednesday.
The Dow Jones Industrial Average closed at 38,150.30, down 317.01 points, or 0.82%. S&P 500 decreased 1.61% to 4,845.65. With a 2.23% loss, the Nasdaq Composite closed the session at 15,164.01.
The major averages had a really bad session on Wednesday. It was the Dow’s lowest showing since December. It was the worst day since September for the S&P 500 and October for the Nasdaq.
Powell told reporters on March 1 that he did not believe the committee would have enough confidence by the time of the meeting in March to decide that month was the right time to take that action on Wednesday. Soon after the remarks, the main averages fell to their session lows.
Source (CNBC)
