Stocks moved lower Thursday as a wave of hawkish central-bank walkings moistened spirits ahead of Federal Reserve Chair Jerome Powell’s 2nd day of testament to Congress.
The S&P 500 (^GSPC) fell 0.24%, while the Dow Jones Industrial Average (^DJI) dropped 0.14%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.42%.
Tech stocks blazed a trail lower in the previous session, raising concerns about stocks’ recent bull run, after Powell meant more rate boosts to come in his remarks to legislators.
The Bank of England’s choice to increase UK rate of interest by an outsized 50 basis indicate 5% highlighted the decision of policymakers worldwide to fight inflation. Earlier Thursday, Norway and Switzerland treked rates to levels not seen for long over a years.
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