Dow logs worst day in a week, S&P 500 and Nasdaq tumble a…

On Wednesday, the Dow Jones Industrial Average experienced its worst day in a week, declining by 507.12 points (1%), closing at 51,492.55 after new Federal Reserve Chair Kevin Warsh emphasized the necessity to combat inflation, suggesting potential interest rate hikes. The S&P 500 fell by 91.25 points (1.2%) to finish at 7,420.10, while the Nasdaq composite dropped 354.69 points (1.3%) to end at 26,021.66.

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Last Updated:

Updated 2 hours ago

Dow logs worst day in a week, S&P 500 and Nasdaq tumble after new Fed chair underscores need to fight inflation

Joy Wiltermuth

The Dow hit pause Wednesday, following a back-to-back rally to record highs, after the new Fed chair, Kevin Warsh, underscored the need to fight inflation, keeping the door open to potential rate hikes.

The Dow Jones Industrial Average ended lower by 507.12 points, or 1%, closing at 51,492.55. That was its biggest daily percentage decline since June 10, according to Dow Jones Market Data.

The S&P 500 shed 91.25 points, or 1.2%, finishing at 7,420.10.

The Nasdaq composite ended 354.69 points lower, or 1.3%, at 26,021.66.

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