U.S. Stocks Drop After Fed Signals More Rate Hikes Ahead
30 minutes ago (Nov 03, 2022 15:55PM)
Investing.com -- U.S. stocks fell early Thursday as investors digested the Federal Reserve’s message that interest rates will continue to climb as it battles inflation.
At 9:49 ET (13:49 GMT), the?Dow Jones Industrial Average?was down 300 points, or 0.9%, while the?S&P 500?was down 1.2% and the?NASDAQ Composite?was down 1.4%.
Treasury yields were rising after the Fed’s latest?decision on rates, which rose another 0.75 percentage point. But more notably, Chair Jerome Powell said it wasn’t time to back off rate increases, though he conceded they may get smaller as the central bank soaks in economic data and studies how well its actions to now have done their job.
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