All three major U.S. equity criteria on Thursday afternoon erased, or were close to eliminating, their gains so far as a rate-based sales move, following comments from Federal Reserve Chairman Jerome Powell. The Dow Jones industrial average was down nearly 700 points, or 2.2%, lower pushing the index to a 0.1% decline for 2021, the S&P 500 SPX index,
it declined 2.5% on the session, reversing its gains for the year and pushing the broad market benchmark to a 0.8% decline for 2021. Nasdaq Composite Index COMP Index,
was in the firing line of decline with the dint of many tech and tech companies making up the index, tightening the slope of the first correction, down 10% from a recent peak, since September 9. Aig. last study, the Nasdaq was down 11% from its recent low. The Nasdaq fell 3.3% on Thursday and down 2.5% for the year to date. Powell said the central bank’s current policy stance is appropriate and suggested that movements in inflation are stagnant, disappointing investors who were hoping to say more about how the Fed would deal with its inflation. ‘reduction in rise in long-term bond yields,’ said a webinar hosted by the Wall Street Journal.