Duration: 00:36

1 hr ago

The Dow Jones closed 570 points lower following Federal Reserve Chairman Jerome Powell’s comments suggesting that interest rates may go higher for longer. The Dow Jones Industrial Average fell 574.98 points or 1.72 percent. The S&P 500 fell 1.53 percent, and the Nasdaq Composite dropped 1.25 percent. The 2-year Treasury yield jumped to 5 percent, its highest level since 2007. Tuesday’s selloff brings the Dow down about 0.9 percent for 2023. The S&P and Nasdaq are up about 3.8 percent and 10.2 percent, respectively, for the year.