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• The blue-chip index fell 103.81 points, or 0.3%, to end at 31,730.30
US stocks continued to fall downwards on Thursday but softened their pace after Jerome Powell was re-elected as Federal Reserve Chair for the second term.
Before Powell’s confirmation, the S&P 500 had been heading close to bear-market territory.
The Dow Jones Industrial Average extended its losses for the sixth day in a row. The blue-chip index fell 103.81 points, or 0.3%, to end at 31,730.30, about 500 points off the session’s low.
The S&P 500 slipped by 5.10 points, or 0.1%, closing at 3,930.08. Meanwhile, the Nasdaq Composite crawled up by 6.73 points, or 0.1%, to finish at 11,370.96.
Fed Chair Powell has made fighting hot inflation a key focus in the past six months. He has outlined the central bank’s plans to quickly raise rates and to start shrinking its near $9 trillion balance sheet.
Powell has reiterated that it is possible to tighten financial conditions without derailing the economy.
Market movers
Coinbase Global Inc. (NASDAQ: COIN) shares jumped 8.9% on Thursday but were down more than 75% on the year after the company’s CEO recently repeated that bankruptcy is not likely despite the crypto assets falling to record lows.
The cryptocurrency market has erased nearly $200 billion. The stablecoin TetherUSD performed a $1 billion swap after it fell as low as 95 cents on the dollar.
Apple (NASDAQ: AAPL) lost 2.7%, pushing the shares into the bear market territory and down 22% from a 52-week-high.
Walt Disney (NYSE: DIS), shares fell 0.9% after it forecast that streaming subscriber growth may tail off after better-than-forecast additions in its fiscal second quarter.
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