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3/4, 7:48 PM (Source: TeleTrader)
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Dow plunges 700 pts as Wall Street selloff accelerates

Stocks on Wall Street extended losses on Thursday with the Dow Jones plunging 700 points following comments from Federal Reserve Chairman Jerome Powell.

Powell's remarks sent jitters through markets as he stated he expects inflation to pick up temporarily, while also acknowledging the recent rise in Treasury yields. "I would be concerned by disorderly conditions in markets or persistent tightening in financial conditions that threaten the achievement of our goals," the Fed chair explained.

The Dow was down 700 points at 1:54 pm ET. The S&P 500 tanked 2.40% at the time, while the Nasdaq 100 lost 2.71%.

Breaking the News / JC