Dow opens over 300 points lower as Fed’s Powell delivers testimony


U.S. stocks opened sharply lower Wednesday, giving back a chunk of the previous session’s bounce, as investors weighed congressional testimony from Federal Reserve Chair Jerome Powell. “We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy,” Powell said, in prepared testimony. “We will make our decisions meeting by meeting, and we will continue to communicate our thinking as clearly as possible,” he said. The Dow Jones Industrial Average DJIA, -0.95% was down 343 points, or 1.1%, while the S&P 500 SPX, -0.81% fell 1% and the Nasdaq Composite COMP, -0.62% lost 0.8%.

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