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Major U.S. stock indexes had their worst performances in almost a week on Wednesday, with the Dow Jones Industrial Average closing down by almost 700 points, after Federal Reserve Chair Jerome Powell pointed to the possibly detrimental impacts of tariffs.
Powell said officials face a challenging scenario of rising inflation amid labor-market weakening, and they can wait for greater clarity before making any adjustments to interest rates.
The Fed chair "was basically saying that to get the economy back on track, there's probably going to be difficult trade-offs," said Ryan Jacobs, founder of Florida-based advisory firm Jacobs Investment Management. "Any measures he could take to help the economy would be inflationary, which might lead to a lasting unstable market. I don't think the trade war is over anytime soon, and I think we are in the position of moving toward higher inflation.''
The Dow Jones Industrial Average fell 699.57 points, or 1.7%, to finish at 39,669.39, based on preliminary data.
The S&P 500 dropped 120.93 points, or 2.2%, to end at 5,275.70.
The Nasdaq Composite declined 516.01 points, or almost 3.1%, to close at 16,307.16.
It was the worst day for all three indexes since last Thursday.
U.S. stocks finished modestly lower on Tuesday in a quiet trading day as investors digested first-quarter earnings from some large financial institutions in the absence of major trade-policy updates.
The Dow Jones Industrial Average was off 0.4%, to finish near 40,368, snapping a two-day winning streak, according to preliminary data from FactSet.
The S&P 500 fell 0.2%, to end around 5,396.
The Nasdaq Composite was off less than 0.1%, leaving it nearly flat at around 16,823.
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