Stocks moved lower on Thursday as a flurry of hawkish hikes by central banks dampened sentiment ahead of Federal Reserve Chairman Jerome Powell’s second day of testifying before Congress.
The S&P 500 (^GSPC) was down 0.24%, while the Dow Jones Industrial Average (^DJI) was down 0.14%. The Nasdaq Heavy Composite (^IXIC) lost 0.42%.
Tech stocks led the way lower in the previous session, raising questions about the recent upside in stocks, after Powell hinted at more rate hikes in his comments to lawmakers.
The Bank of England’s decision to increase interest rates in the UK by a whopping 50 basis points to 5% underlined the resolve of policy makers around the world to fight inflation. Earlier on Thursday, Norway and Switzerland raised interest rates to levels not seen in more than a decade.
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