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Dow falls 299 points after Powell signals Fed will keep raising rates to contain inflation

  • CNBC
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Dow falls 299 points after Powell signals Fed will keep raising rates to contain inflation
U.S. stocks fell for the first time in four days Tuesday after comments from new Federal Reserve Chair Jerome Powell sent rates higher. The new chair signaled the central bank could hike rates more than three times this year in an effort to keep the economy from overheating, sparking anxiety among equity traders.

The Dow Jones industrial average fell 299.24 points Tuesday to close at 25,410.03, with Disney and Home Depot weighing down the 30-stock index. The S&P 500 fell 1.27 percent to finish at 2,744.28 as real estate, consumer discretionaries and telecommunications pulled the broader market lower.

The Nasdaq composite fell 1.23 percent to close at 7,330.35 amid declines in Facebook, Amazon, Apple, Netflix and Google-parent Alphabet.

Jerome Powell addressed Congress on Tuesday, detailing the central bank's outlook for monetary policy and economic growth for the coming years. Asked about rate hikes in 2018, the Fed Chair signaled that the option for more than three increases remains open.

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