The US stocks tumbled for third straight session on Thursday, 04 March 2021, dragging down the S&P 500, the Dow index, and the broader Nasdaq deep into the red terrain, after remarks from Federal Reserve Chair Jerome Powell disappointed investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates.
At the close of trade, the Dow Jones Industrial Average index declined 345.95 points, or 1.11%, to 30,924.14. The S&P500 index dropped 51.25 points, or 1.34%, to 3,768.47. The tech-heavy Nasdaq Composite Index fell 274.28 points, or 2.11%, to 12,723.47.
The American currency surged the most in a month after Powell said the sell-off in Treasuries last week was notable and caught my attention but was not disorderly or likely to push long-term rates so high the Fed might have to intervene more forcefully. Powell s remarks reignited selling in Treasuries, with the benchmark 10-year Treasury yield jumping back above 1.5% and
The dollar surged to three-month highs on Thursday after Federal Reserve Chairman Jerome Powell failed to express concern about a recent sell-off in US Treasuries as some traders had expected, resulting in higher bond yields and demand for the greenback.
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The latest edition of the Heritage Foundation’s annual “Index of Economic Freedom,” which ranks countries of world’s freest economies, released Thursday, saw Hong Kong excluded from the list it once dominated because its policies are “controlled from Beijing, the agency reported. The news comes on the eve of China’s annual National People’s Congress, which gets underway in Beijing on Friday with greater control over the territory seemingly on the agenda. The United States, its allies and international human rights organizations have heavily criticized China over the law, which they say has undermined the city’s autonomy and helped Beijing crush dissent.
U.S. equity futures are rising as the Fed downplays inflation pressures, the Senate set to pass a $1.9 trillion stimulus bill and vaccination rates rising to 2 million a day.
FTSE 100 trims gains as Wall Street opens in the green after positive jobs data proactiveinvestors.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.co.uk Daily Mail and Mail on Sunday newspapers.