Dow plunges 550 pts after Powell's remarks

Tuesday, 30. November 2021 17:02

Shares on the major stock market indexes in the United States sank deeper into the negative territory on Tuesday, with the Dow Jones Industrial Average nosediving over 550 points as the investors digested remarks delivered by Federal Reserve Chair Jerome Powell.

The central bank's head asserted that the word "transitory" no longer applies to inflation in the country, and added that the most recent data hints at a possibility of elevated inflation pressures.

The Dow Jones sank 557 points, or 1.55%, at 11:00 am ET, while the Nasdaq 100 tumbled 1.54% at the same time. A minute later, the S&P 500 dropped 1.53%. The euro slid 0.3% versus the dollar at 11:02 am ET, going for 1.12498.

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