Wall Street drops after Fed chair dampens rate-cut hopes
Updated : May 02, 2019 06:16 AM IST
In its policy announcement, the Fed held rates steady as expected and struck a cautious tone on inflation. But Powell, speaking following the Fed statement, said a decline in inflation this year could be due to transitory factors.
Stocks had been higher for much of the session and the S&P 500 hit an intraday record early, driven by a jump in shares of Apple Inc. The company late on Tuesday reported quarterly results that beat Wall Street estimates despite a record drop in iPhone revenue.
The Dow Jones Industrial Average fell 162.77 points, or 0.61 percent, to 26,430.14, the S&P 500 lost 22.1 points, or 0.75 percent, to 2,923.73 and the Nasdaq Composite dropped 45.75 points, or 0.57 percent, to 8,049.64.