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Stock market live updates: Stocks tank after Powell's hawkish Jackson Hole message
U.S. stocks plunged in a steep sell-off Friday after Federal Reserve Chair Jerome Powell reiterated the central bank's commitment to fight inflation in a hawkish speech at the Jackson Hole economic symposium.
The Nasdaq led losses, diving 3.9%, and the S&P 500 shed 3.3%, with both indexes logging their biggest one-day drops since June 13. The Dow Jones Industrial Average erased 1,000 points, or 3%. All three major averages settled at four-week lows.
"Restoring price stability will likely require maintaining a restrictive policy stance for some time," Powell said in his remarks at the gathering in Wyoming. "The historical record cautions strongly against prematurely loosening policy.”
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