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About: http://data.cimple.eu/news-article/6f64cb8d8bdda9f7b89bc1ddee2f297439fdf4c59f8c8b4a0782a03b Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Wall Street plunged into the red in afternoon trading Thursday, with tech shares suffering the biggest hit, after investors were disappointed by Federal Reserve Chair Jerome Powell's response to inflation fears. Shares were choppy but mostly higher all day, but headed south shortly after Powell spoke, despite his assurances that price increases are not an immediate concern, and his repeated pledge to keep the benchmark interest rate low for the foreseeable future. Apparently markets wanted more, and the yield on 10-year US Treasury notes spiked to 1.55 percent, the highest this week and near the peak of the past year -- a red flag about inflation pressures -- igniting a stock selloff. By 1930 GMT, the major indices had recovered from their low point, but the tech-rich Nasdaq Composite Index was down 2.5 percent to 12,672.83. The benchmark Dow Jones Industrial Average shed 1.6 percent to 30,755.92, while the broad-based S&P 500 dropped 1.8 percent to 30,755.92 Equities have been depressed in recent weeks as signs of economic recovery amid accelerating vaccine rollouts have focused attention on what will happen to prices and what companies and sectors are most vulnerable to rising borrowing costs. Powell once again downplayed inflation worries stressing the "difference between a one-time surge in prices and ongoing inflation." And he pledged that the Fed, however, will not act to raise interest rates until the economy has returned to maximum employment -- which will not happen this year -- and inflation is both above the bank's 2.0 percent goal and on track to remain there "for some time." "We're not intending to raise interest rates until we see those conditions fulfilled," Powell said. But Karl Haeling of LBBW said markets were hoping for "something stronger" including some operation to help contain the bond sell off. "We don't know right now if it's just a knee jerk reaction of disappointment or if this is really the starts of a new phase higher in bond yields," he told AFP. hs/st
schema:headline	US stocks plunge on inflation fears, led by tech shares
schema:mentions	S&P 500 Index Clean and jerk Interest rate United States Department of the Treasury Dow Jones Industrial Average Lewis F. Powell Jr. Agence France-Presse Federal Reserve Inflation Vaccine Racing flags Landesbank Baden-Württemberg Jerome Powell NASDAQ Composite Greenwich Mean Time
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-04 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	70 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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