US markets close lower as Powell's words urge caution
- US Market
- 8 months ago
U.S. indices closed lower yet again, mainly due to the Fed’s decision to keep rates unchanged.
The DJIA slipped by 0.4% to close at 16307.79, most of the losses coming as the yield on the 10-year Treasury yield hit an intraday high.
The 30-stock benchmark dropped as much as 249 points at its intraday low.
The S&P 500 slipped 0.21% to 2917.52, while the Nasdaq Composite fell 0.16% despite a jump in Tesla shares.
The Fed’s chief, Jerome Powell said Wednesday that recently low inflation pressures may just be “transitory,” hinting that a rate cut may not be on the horizon, which disappointed traders. Powell’s comments sparked a sudden sell-off in the previous session, with the Dow closing more than 150 points lower.
Source: Smart Trend Team