After a strong start to the trading day, the Dow dropped more than 160 points after Fed Chair Powell crushed hopes of lower rates. Real estate was the only sector to finish in the green.
Fed Chairman Jerome Powell said in a news conference that recently low inflationary pressures may only be "transitory," dashing speculation the central bank was at least entertaining the idea of a rate cut because of tame inflation.
Powell's comment and the move in Treasurys came after the Fed voted unanimously to maintain the benchmark rate in a range of 2.25% and 2.5%. On inflation, the central bank said it remained low. Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday. Feb. 26, 2019.Apple shares rose 4.9% after its earnings and revenue for the previous quarter beat expectations. The tech giant's"Simply put Apple's results and outlook across most metrics were clearly better than expected," an analyst atMondelez also rose 1.6% after posting better-than-expected results.
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