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Sharp drop in US stocks
US stocks fell sharply on Tuesday for the first time in four sessions, shedding the Dow Jones Industrial Average nearly 300 points after the Fed Chairman's testimony to Congress, which strengthens the trend of raising interest rates.
Wall Street's losses come in the wake of Jerome Powell's pre-prepared remarks during his half-yearly testimony to Congress on his outlook for the US economy.
Powell said the option to raise interest rates at a gradual pace this year remained in place, while inflation was considered low and stable and expected to rise to the bank's target of 2% in the long term.
The US Central Bank's new benchmark to Capitol Hill gave the yield on US government bonds over a 10-year period to rise significantly during trading as the dollar was positively affected.
On the economic front, US consumer confidence rose to a 17-year high in February, while the US trade deficit widened last month.
The Dow Jones ended its session down 1.2% or nearly 299 to 25410 points.
The Standard & Poor's Index shed 1.3% to 2,744.3 points, while the Nasdaq fell more than 1.2% to 7,330.3 points.
http://economy-news.net/content.php?id=11296
US stocks fell sharply on Tuesday for the first time in four sessions, shedding the Dow Jones Industrial Average nearly 300 points after the Fed Chairman's testimony to Congress, which strengthens the trend of raising interest rates.
Wall Street's losses come in the wake of Jerome Powell's pre-prepared remarks during his half-yearly testimony to Congress on his outlook for the US economy.
Powell said the option to raise interest rates at a gradual pace this year remained in place, while inflation was considered low and stable and expected to rise to the bank's target of 2% in the long term.
The US Central Bank's new benchmark to Capitol Hill gave the yield on US government bonds over a 10-year period to rise significantly during trading as the dollar was positively affected.
On the economic front, US consumer confidence rose to a 17-year high in February, while the US trade deficit widened last month.
The Dow Jones ended its session down 1.2% or nearly 299 to 25410 points.
The Standard & Poor's Index shed 1.3% to 2,744.3 points, while the Nasdaq fell more than 1.2% to 7,330.3 points.
http://economy-news.net/content.php?id=11296
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