Even before the stock market opened, professionals were expecting a bad start to the day.
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(Photo: Xinhua / eyevine / laif)
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New York Fed Chair Jerome Powell’s semi-annual testimony before Congress was the hot topic on Wall Street on Wednesday. The US stock exchanges closed with slight price losses. Statements by the US Federal Reserve Chairman on monetary policy, which were well received, prevented major discounts on Wall Street. The US standard value index Dow Jones went 0.2 percent lower to 30,483 points from trading. The tech-heavy Nasdaq fell 0.2 percent to 11,053.08 points. The broad S&P 500 lost 0.1 percent to 3759 points.
At his semi-annual testimony before the US Congress, Powell committed to further rapid rate hikes to get inflation under control. At the same time, he tried to calm economic fears. “We’re not trying to provoke a recession, and we probably won’t have to,” the US Federal Reserve Chairman added.
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