2/27/2018, 10:03 PM (Source: TeleTrader)
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Wall Street closes lower after Powell speech, data

Stock markets in the United States closed in the red on Tuesday after Federal Reserve Chairman Jay Powell's testimony before the House Financial Services Committee. Powell said he expects the slashing of the corporate tax rate to lead to higher investment, leading in turn to higher productivity and higher wages, adding that the Fed will raise interest rates more than three times this year if the incoming data points to a strengthening economy and labor market.

The Dow Jones closed 1.17% lower. The Walt Disney Co. lost 4.52% after Comcast Corp. made a rival offer for Sky Plc.

The Nasdaq 100 was 1.27% in the red at the closing bell as Comcast Corp. dropped 7.38%.

The S&P 500 finished the session losing 1.27% as well. AutoZone Inc. plummeted 11.07% after an unfavorable earnings report.

The euro was flat against the dollar and sold for 1.2229 at 22:02 pm CET.

Baha Breaking News (BBN) / DJ