Dow Jones Index Wednesday’s close fell 505 points on comments from Federal Reserve Chairman Jerome Powell after the Fed raised interest rates another 0.75%.
Dow Jones Index Wednesday’s close fell 505 points on comments from Federal Reserve Chairman Jerome Powell after the Fed raised interest rates another 0.75%.
The Dow Jones Industrial Average fell 505.44, or 1.55 percent, at 32,147.76, the S&P 500 was down 96.41, or 2.50%, at 3,759.69, and the Nasdaq was down 366.05, or 3.36%, at 10,524.80.
Stock trading on Wall Street is volatile. before closing down the market After the Fed’s monetary policy committee voted to raise interest rates by 0.75%, this is a four-time increase. It’s part of an effort to bring inflation soaring down.
The move sent the policy rate between 3.75% and 4.00%, but the Fed signaled it was more cautious about the impact of the rate hike on the economy.
However, comments from Fed Chairman Jerome Powell, who warned it was too soon to think about a halt to interest rates. As a result, the stock market closed down heavily.
Automatic Data Processing, Inc. (ADP) said private sector jobs increased by 239,000 in October. That was higher than analysts’ estimates of 195,000 from 192,000 in September.
The service sector added 247,000 jobs in October. Meanwhile, the manufacturing sector saw 8,000 jobs drop.
Investors will keep an eye on the number of non-farm payrolls on Friday. While analysts predicted that The number of jobs added only 205,000 in October. after adding 263,000 jobs in September