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Powell Talks, Dows Drops 1,000 Points

At a glance

  • Powell and the Fed have initiated a series of rate hikes to try to curb inflation, which is at roughly 40-year high in U.S.
  • Investors were apparently looking for sign Fed might slow rate hikes by end of year, as gas prices drop.
  • Other major financial averages also after Powell’s news, including The S&P 500 and Nasdaq Composite, which lost 497.56 points.
  • Stock prices have dropped now for two straight weeks.

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