10/22, 5:52 PM (Source: TeleTrader)
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Dow, S&P descend from records on Powell's remarks

The Dow Jones Industrial Average and the S&P 500 turned to losses on Friday after having climbed to all-time highs, with investors digested remarks by Federal Reserve Chair Jerome Powell.

Powell's notes regarding the plans for the tapering of asset purchases were in line with the central bank's previous signals. Meanwhile, when asked about the transitory nature of inflation, he admitted that the inflation rate in the country is now "well above" the bank's target.

The Dow Jones was 0.1% in the red at 11:52 am ET, while the S&P 500 dropped 0.48% a minute later. The Nasdaq 100 extended losses, tumbling 1.13% at 11:53 am ET. The euro was 0.1% higher compared to the dollar, selling for 1.16352 at 11:54 am ET.

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