The S&P 500 and the Dow closed lower after US Federal Reserve Chair Jerome Powell signaled more rate hikes. He also said he did not see inflation falling to the central bank's target rate ‘this year or next year’
Chip stocks close lower but above from session lowDow off 0.22%, S&P down 0.04%, Nasdaq climbs 0.27%
But while the S&P spent most of the session in the red, investors appeared to take Powell's comments in stride because of signs of strength in the economy, according to Quincy Krosby, Chief Global Strategist for LPL Financial.
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