The stock market cratered on Friday after the head of the Federal Reserve dashed Wall Street’s hopes that it may soon let off the brakes for the economy. The Dow fell.
(Newser)
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The stock market cratered on Friday after the head of the Federal Reserve dashed Wall Street’s hopes that it may soon let off the brakes for the economy. The Dow fell 1,008 points, or 3%, to 32,283; the S&P 500 fell 141 points, or 3.3%, to 4,057; and the Nasdaq fell 497 points, or 3.9%, to 12,141. The plunges came after Jerome Powell said in a Wyoming speech that the Fed will likely need to keep interest rates high enough to slow the economy “for some time” in order to beat back the high inflation sweeping the country.
