Stocks Slide After Trump’s Tirade Against Powell
Team Veye | 22-Apr-2025
U.S. stocks fell on Monday following U.S. President Donald Trump ramping up his attacks on Federal Reserve Chair Jerome Powell.
All three major indexes lost more than 2%, with "Magnificent Seven" group affecting the tech heavy Nasdaq.
President Donald Trump criticised the US central bank boss for not lowering interest rates to help boost the economy, inferring that Powell had been consistently too late to respond to economic developments.
Concerned about Fed’s autonomy, the view prevailing in the markets is that economies having an independent central bank grow faster and have lower inflation lead to better economic conditions. Such remarks by politicians obviously makes the stock markets nervous.
The Dow Jones Industrial Average lost 971.82 points, or 2.48%, ending the day at 38,170.41, the S&P 500 declined by 124.50 points, or 2.36%, to 5,158.20 and the Nasdaq Composite dropped 415.55 points, or 2.55%, to close at 15,870.90.
(Source: Reuters)
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