Dow falls 650 pts at close on Fed comments

Tuesday, 30. November 2021 22:00

Wall Street closed in the red territory on Tuesday after Federal Reserve Chair Jerome Powell said that he expects that policymakers will discuss accelerating the pace of tapering of Fed's monthly asset purchases at their next meeting in December, adding that the entire process could end "a few months sooner" than initially planned. Elsewhere, Fed Vice Chair Richard Clarida noted that a repeated level of inflation next year can't be labeled as "success" for the US central bank.

The Dow Jones declined by 1.85%, or 650 points at the close with Salesforce falling 3.97% ahead of its third-quarter earnings release. The Nasdaq 100 was 1.61% down as the trading session ended. Pinduoduo was its worst performer after tumbling 7.59%. The S&P 500 dropped 1.90% at the closing bell as Gap led the losses with a 7.08% plunge.

The euro was up 0.54% compared to the dollar to change hands at 1.13401 at 3:59 pm ET.

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Author:
Baha Breaking the News (BBN) / MS