Dow skids 750 points, putting it on pace for worst daily drop since mid-June
The stock-market selloff was intensifying Friday afternoon following Federal Reserve Chairman Jerome Powell’s terse speech at Jackson Hole vowing to fight inflation until the battle has been won by bringing the annual cost of living back down to the central banks’s 2% target. The Dow Jones Industrial Average
DJIA,
was down 740 points, or 2.2%, near 32,549, at last check. That would mark its worst daily percentage decline since June 16, when it tumbled 2.4%, according to Dow Jones Market Data. The S&P 500
SPX,
was off 2.6% and the Nasdaq Composite Index was bearing the brunt of the selloff, down 3.2%, according to FactSet. Fed Chair Powell said the Fed will keep working to bring inflation down, even if it means hurting jobs and economic growth and that the process “will also bring some pain to households and businesses.”
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