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3/4, 6:52 PM (Source: TeleTrader)
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Dow drops 300 pts after Powell's remarks

Major United States stock markets dropped on Thursday as investors digested Federal Reserve Chairman Jerome Powell's speech on the status of inflation amid economic recovery and the outlook on bond yields growth.

"We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects. That could create some upward pressure on prices," Powell commented.

The Dow Jones dropped 0.83% or 258 points, Nasdaq 100 fell 1.32% or 167 points, while the S&P 500 lost 1.01% or 37 points at 1:05 pm ET. The euro dropped 0.67% against the dollar to sell for $1.19812 at 1:16 pm ET.

Breaking the News / LH