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Wall Street falls 2% following remarks by Fed chairman Jerome Powell

The Dow Jones Industrial Average fell 565.49 points, or 2.31%, to 23,939.73, the S&P 500 lost 53.08 points, or 1.99%, to 2,609.76 and the Nasdaq Composite dropped 134.34 points, or 1.9%, to 6,942.21

Caroline Valetkevitch | Reuters  |  New York 

US stocks extended losses and the S&P 500 hit a session low in Friday afternoon trading after Federal Reserve chairman Jerome Powell said the US central bank will likely need to keep raising interest rates to keep inflation under control. In a speech in Chicago on the US economic outlook, Powell said the labour market appeared close to full employment. It was his first speech on the economic outlook since taking over as chairman on Feb. 5. Stocks already were sharply lower before the comments following US President Donald Trump's latest tariff threat late Thursday on Chinese ...

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First Published: Sat, April 07 2018. 00:37 IST