New York stock exchanges edged down on Wednesday following the Federal Reserve's Chair Jerome Powell's two-day hearing on Capitol Hill, sending the markets into a tailspin over the future of the Fed's monetary policy.
The stronger-than-expected private payrolls in February likely indicated that the United States economy is pushing stronger against the Federal Reserve's monetary tightening, potentially paving the way for additional interest rate increases. Meanwhile, investors still anticipate the key jobs data slated for release on March 10, as the report could point to a direction of Fed's policymakers future decisions.
The Dow Jones Industrial Average plunged 0.65% or 213 points at 1:11 pm ET. The Nasdaq 100 was flat, while the S&P 500 dipped 0.25% at the same time.
The euro stood flat against the American currency, changing hands to $1.05457 at 1:12 pm ET.
