Wall Street closes lower after recovering losses over Powell's remarks

Thursday, 04. March 2021 22:01

United States major stock markets closed lower on Thursday after plummeting over Federal Reserve Chair Jerome Powell's remarks, where he failed to convey reassuring comments that investors were hoping for and instead said there is no plan to raise interest rates until labor market conditions are consistent with maximum employment and inflation is sustainably at 2%. At its lowest point, Dow lost 723 points but bounced back to recover some of the losses.

Meanwhile, White House Press Secretary Jen Psaki said that President Joe Biden is "unmovable" on the size of the $1.9 trillion stimulus bill and Senate begins voting on whether to debate the relief plan.

The Dow Jones Industrial Average closed 1.11% lower with Intel falling 2.62%, while the Nasdaq 100 slid 1.73% led by Marvell Technology Group plunging 12%. The S&P 500 dropped 1.34% as Tyler Technologies lost 13.58%. The euro remained flat against the dollar selling for $1.19698 at 4:04 pm ET.

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