Dow sinks 500 points, Fed’s Powell confirms more rate hikes

  • Dow sinks 500 points, Fed's Powell confirms more rate hikes

    U.S. stocks sank in a volatile session after Federal Reserve Chairman Jerome Powell signaled rate hikes will continue after policymakers raised interest rates by an expected 75 basis points, the fourth such consecutive hike. The yield on the 10-year Treasury rose to 4.059%. In commodities, oil gained 1.8% to $90 per barrel.

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