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Nov. 30, 2021, 11:03 a.m. EST

Dow skids nearly 600 points and stock market's losses deepen as Fed's Powell says faster taper may be warranted amid omicron

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By Mark Decambre

U.S. stocks saw losses sharpen late-morning Tuesday as Federal Reserve Chairman Jerome Powell suggested that a more rapid tightening of financial conditions may be warranted as the omicron variant of the coronavirus that causes COVID-19 complicates the economic recovery and potentially intensifies supply-chain bottlenecks. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.61% was down 570 points, or 1.6%, at 34,567, the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.76% was trading 1.6% lower at 4,581, while the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -2.13% was trading 1.7% lower at 15,520. During Tuesday's testimony in front of the Senate Banking Committee as a part of the CARES act, Powell said that risk of persistent inflation has risen and said that the central bank may need to speed up its reduction of asset-purchases, which could set the table for faster interest-rate increases by the Fed, potentially bearish for risky assets in the short term.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
35,334.48
-577.33 -1.61%
Volume: 188.54M
Jan. 18, 2022 12:39p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,580.80
-82.05 -1.76%
Volume: 1.23B
Jan. 18, 2022 12:39p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
14,576.61
-317.15 -2.13%
Volume: 2.30M
Jan. 18, 2022 12:39p
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