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
businesses

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
13.
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
businesses.”

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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