S&P 500 ends 1.5% lower, stocks skid as Fed’s Powell warns of potential need for higher rates

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US stocks fell sharply on Tuesday after Federal Reserve Chairman Jerome Powell warned of a possible need for higher rates to tame inflation if economic data remained strong. Dow Jones Industrial Average DJIA,
closed down nearly 574 points, or 1.7%, at 32,856, while the S&P 500 index SPX,
Shares closed nearly 1.5% and the Nasdaq Composite Index down 1.3%, according to preliminary FactSet data. Importantly, the S&P 500 also broke below its 50-day moving average of 3,994 intraday on Tuesday, a level stock market investors closely monitor for signs that the stock may be ripe for a move higher when it moves higher. May be more or less vulnerable to side pressure. falls below average. Also easing pressure on stocks on Tuesday, Treasury yields moved up further, with the 2-year rate TMUBMUSD02Y,
Up more than 5% as of 3 p.m. Eastern, a level last seen in June 2007, according to Dow Jones market data.

Credit: www.marketwatch.com /

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