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(CNBC) — 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 200 points, with Disney and Home Depot contributing the most to the index’s losses. The S&P 500 fell 1 percent; real estate, consumer discretionaries and utilities weighed the most on the index.
