Home » U.S. stocks close down, on track for weekly loss, in wake of Fed rate hike and Powell speech

U.S. stocks close down, on track for weekly loss, in wake of Fed rate hike and Powell speech

by WorldFinance
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U.S. stocks ended lower on Thursday after attempting to claw back Wednesday’s losses, as Treasury yields and the dollar climbed further after the Federal Reserve delivered a third jumbo interest-rate hike and signaled more to come.

What happened
  • The Dow Jones Industrial Average DJIA, -0.35% finished 107.10 points lower, or 0.4%, to 30,076.68
  • The S&P 500 SPX, -0.84% was down 31.94 points, or 0.8%, at 3,757.99
  • The Nasdaq Composite COMP, -1.37% shed 153.39 points, or 1.4%, ending at 11,066.81

Stocks finished sharply lower Wednesday after a volatile session, with the Dow Jones Industrial Average losing 522 points, or 1.7%, while the S&P 500 declined 1.7% and the Nasdaq Composite dropped 1.8%. The S&P 500 is down more than 21% for the year, and the Nasdaq Composite has lost roughly 29% over that period.

What drove markets

U.S. stocks declined for most of the session on Thursday following Wednesday’s selloff after the Federal Reserve produced another 75 basis-point rate hike and reiterated its commitment to crush inflation, even if it means driving the U.S. economy into a recession.

“We will keep at it until the job is done,” Chair Jerome Powell said in a news conference on Wednesday after the Fed increased its policy interest rate for the third time in a row by 75 basis points to a range of 3% to 3.25%. “I wish there were a painless way to do that. There isn’t,” he added.


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