Dow snaps 5-day win streak as Fed chair says inflation is too high

(CNBC) -- U.S. stocks seesawed Monday with the major averages hitting their lows of the day after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action. The Dow Jones Industrial Average shed 201.94 points, or 0.6%, to close at 34,552.99. The blue-chip average was down more than 400 points at…

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(CNBC) -- U.S. stocks seesawed Monday with the major averages hitting their lows of the day after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action.

The Dow Jones Industrial Average shed 201.94 points, or 0.6%, to close at 34,552.99. The blue-chip average was down more than 400 points at session lows. The S&P 500 finished marginally lower at 4,461.18, having been up 0.4% at its highs of the day. The Nasdaq Composite dipped 0.4% to 13,838.46.

Powell on Monday said “inflation is much too high” and pledged to take “necessary steps” to bring prices under control. He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary.

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The post Dow snaps 5-day win streak as Fed chair says inflation is too high appeared first on WND.