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US stocks plummet as Powell indicates more rate hikes
By Shubhangi Mathur - Aug 26, 2022, 07:02 PM ET
Last Updated - Jul 18, 2023, 04:29 PM EDT
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The Dow fell 1,008.38 points while the Nasdaq declined 3.94%
US stocks plunged on Friday after Federal Reserve Chair Jerome Powell said the central bank would continue raising rates to control inflation.
The Dow Jones Industrial Average fell 1,008.38 points, or 3.03%, to 32,283.40. The S&P 500 plummeted 3.37% to 4,057.66, and the Nasdaq Composite declined 3.94% to 12,141.71.
This was the second week of loss for the indices as the Dow tumbled 4.2% while the S&P 500 and Nasdaq Composite lost roughly 4% and 4.4%, respectively.
Powell made the remarks in his Jackson Hole speech as the inflation in the US has been at decades-high.
Picture Credits: Reuters
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