• Re: Dow closes down 1,000 points and Nasdaq falls 3.9% after Fed chief

    From Putin Owns Biden@21:1/5 to governor.swill@gmail.com on Sun Aug 28 06:54:36 2022
    XPost: talk.politics.guns, alt.politics.economics, or.politics

    In article <t1f6d2$30ggi$33@news.freedyn.de>
    <governor.swill@gmail.com> wrote:

    Obama and Biden are both idiots. They flunked math.

    U.S. stocks tumbled Friday, with the Dow Jones Industrial
    Average closing down more than 1000 points for its worst daily
    percentage drop since May, after Federal Reserve Chair Jerome
    Powell said the central bank will continue its battle against
    inflation “until the job is done” of getting the cost of living
    back to its 2% target.

    See: Fed’s Powell, in blunt remarks at Jackson Hole, says
    bringing down inflation will cause pain to households and

    How did stocks trade?
    The Dow Jones Industrial Average DJIA, -3.03% plunged 1,008.38
    points, or 3%, to close at 32,283.40, in its largest percentage
    drop since May 18.
    The S&P 500 SPX, -3.37% dropped 141.46 points, or 3.4%, to
    finish at 4,057.66, in its biggest percentage decline since June
    The Nasdaq Composite COMP, -3.94% tumbled 497.56 points, or
    3.9%, to end at 12,141.71, in its largest percentage drop since
    June 16.
    For the week, the Dow sank 4.2%, while the S&P 500 shed 4% and
    the Nasdaq lost 4.4%. All three benchmarks booked a second
    straight week of losses, according to Dow Jones Market Data.

    What drove the market?
    U.S. stocks tumbled Friday, with losses led by the technology-
    heavy Nasdaq Composite, after the Federal Reserve Chair Jerome
    Powell reiterated his resolve to bring soaring inflation under
    control through higher interest rates.

    In remarks that were more hawkish than many investors
    anticipated, Powell tried to dispel any hopes for a less-
    aggressive monetary policy stance by insisting that the central
    bank will persist in its inflation fight, even if that means
    causing some near-term economic pain for American families.

    “Reducing inflation is likely to require a sustained period of
    below-trend growth,” Powell said. “While higher interest rates,
    slower growth, and softer labor market conditions will bring
    down inflation, they will also bring some pain to households and

    As U.S. stocks dropped Friday, the S&P 500’s information-
    technology IUIT, , communication-services SP500.50, -3.86% and consumer-discretionary sectors SP500.25, -3.88% were hardest
    hit, FactSet data show. Tech plunged 4.3% while the other two
    areas each sank 3.9%, as growth stocks suffered more than value.

    https://www.marketwatch.com/story/u-s-stock-futures-slip-as- investors-await-fed-chairman-powells-jackson-hole-address- 11661508928?mod=MW_article_top_stories

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