Stocks see-saw as Fed chair gets grilled by Congress again

Stocks see-saw as Fed chair gets grilled by Congress again”

The Russell 2000 Index posted the smallest loss among major indexes as the bulk of its members derive most of their sales in the U.S. His statements, are a follow-up to his comments on Tuesday in which he insisted that the stock market is not a representation of the economy, though, it plays a factor.

"You could see earlier in the day when investors thought the president was going to have a listening session regarding tariffs the market went positive", said Quincy Krosby, chief market strategist at Prudential Financial Inc.

"It remains to be seen whether not there's a response from the foreign government". This means that in contrast to the situation in 2008, when it stood to a certain extent outside the financial markets, it is now a central player in them and would itself be significantly impacted by any crisis.

In reaction, Canadian Trade Minister Francois-Philippe Champagne said any USA tariff or quota imposed on Canada's steel industry would be "unacceptable" and would be felt in both Canada and the United States.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 1.16 percent.

"I am committed to clearly explaining what we are doing and why we are doing it", Powell said.

The S&P 500 fell 1.3 percent, to 2,744.28.

Friday's sell-off came just as the dollar had risen to multi-week highs amid strong data and an upbeat view on the economy from Federal Reserve Chairman Jerome Powell, which reinforced expectations of three or more interest rate hikes this year.

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The Dow Jones industrial average fell 200 points, with Disney and Home Depot contributing the most to the index's losses. The party's ambitious agenda includes nurturing more sustainable growth driven by domestic consumption instead of trade and investment and doubling incomes from 2010 levels by 2020. Boeing, Johnson Controls and United Technologies, all users of steel and aluminum, also helped lead the stock prices lower. Against the euro and sterling, the yen was up 0.1 percent and 0.5 percent respectively.

In Asia, Japan's Nikkei 225 tumbled 1.4 percent, South Korea's Kospi lost 1.2 percent and the Hang Seng in Hong Kong lost 1.4 percent.

Consumer confidence in the United Kingdom weakened slightly in February, the latest survey from GfK showed on Wednesday with an index score of -10.

Westpac analysts say the U.S. dollar index had lifted 0.2 per cent to a six-week high, while the Australian dollar had "made a roundtrip from 0.7790 to 0.7820 and back". Adjusted for inflation, personal spending declined 0.1 percent from the prior month.

The Mexican peso lost 0.06 percent at 18.84 against the greenback, but the Canadian dollar rose 0.07 percent at 1.28 per USA dollar.

"The U.S. economy grew at a solid pace over the second half of 2017 and into this year".

These remarks sent the yield on the benchmark 10-year Treasury bond to over 2.9 percent, compared to about 2.4 percent last year, and raised market expectations that there would be at least three rises this year and possibly four.

"In the USA we have at least three rate hikes this year, but in the euro zone, there was some exaggeration about where inflation was heading so that is now being priced out and yields are moving to the downside", said DZ Bank strategist Daniel Lenz. The Nasdaq composite fell 127 points, or 1.8 percent, to 7,142.

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