Dow dives 650 points after Powell’s omicron, inflation warning
Slatestone Wealth chief market strategist Kenny Polcari and Kearney head of consumer and retail practice Greg Portell discuss market movement amid new coronavirus developments and Black Friday shopping.
U.S. stocks finished in the red on Tuesday after Federal Reserve Chair Jerome Powell warned the omicron variant could result in a faster path to tapering.
The Dow Jones Industrial average tumbled over 650 points, or 1.8%, while the S&P 500 and Nasdaq Composite slipped 1.9% and 1.5%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34483.72 | -652.22 | -1.86% |
| SP500 | S&P 500 | 4567 | -88.27 | -1.90% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15537.690666 | -245.14 | -1.55% |
Powell told members of Congress that the omicron variant could mean policymakers may need to speed up the pace of previously outlined tapering plans. He also noted the U.S. will get a clearer picture on the variant in about ten days.
On inflation, he said removing
