Dow tumbles 574 points as fears Fed signaled rate hikes to curb inflation

On March 8, 2023, the Dow Jones Industrial Average closed Tuesday (March 7), plunging sharply 574 points after Federal Reserve Chairman Jerome Powell signaled a rate hike. Higher-than-expected interest to make inflation fall to the target set by the Fed

The Dow Jones Industrial Average dropped 574.98 points, or 1.72%, to close at 32,856.46, the S&P 500 dropped 62.05 points, or 1.53%, to close at 3,986.37, and the Nasdaq lost 145.40 points, or 1.25%, to close at 11,530.33.