The Dow snapped a five-day win streak today as profit-taking gripped Wall Street. The S&P 500 and Nasdaq also saw their respective four-day streaks halted, as a hawkish tone from Fed Chair Jerome Powell threw a wrench into Wall Street's mini-resurgence. In prepared remarks for the National Association for Business Economics, Powell noted "if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so."
The Dow Jones Average (DJI - 34,552.99) shed 201.9 points or 0.6% for the day. Chevron (CVX) led the gainers with a 1.8% gain, while Boeing (BA) paced the laggards with a 3.6% drop.
The S&P 500 Index (SPX - 4,461.18) lost 1.9 points for the day, or 0.04%, while the Nasdaq Composite (IXIC - 13,838.46) gave back 55.4 points, or 0.4% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 23.53) lost 0.3 points or 1.4% for the day.
OIL ADDS TO FRIDAY'S GAINS AS EU NEWS SIMMERS
Black gold scored a nearly two-week high today, as the European Union (EU) weighs an embargo on Russian oil. For the day, April-dated crude added $7.42, or 7.1%, to settle at $112.12 per barrel.
Gold prices inched higher today, struggling for direction after Powell's comments. April-dated gold added 20 cents, or 0.01%, to settle at $1,929.50 per ounce for today.
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