US stocks fell in early trading on Wednesday as Federal Reserve Chairman Jerome Powell began testifying before the US Congress. Powell told lawmakers in a speech before the Senate Banking Committee that the Fed is firmly committed to bringing inflation down and has the ability to do so, saying: “We understand the challenges that high inflation creates.”
Powell also noted that economic conditions are generally favorable, with a strong job market and consistently strong demand. The Dow Jones industrial index fell 0.87% (-264 points) to 30,265 points at exactly 16:39 Beirut time.
The S&P 500 fell 0.9% (-33 points) to 3732 points, while the Nasdaq fell 0.70% (-77 points) to 10991 points. Revlon’s shares rose 27.56% after the cosmetics company filed for Chapter Eleven bankruptcy protection last week.
Source: El Iktisad
