Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2021. REUTERS/Brendan McDermid
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Oct 22 (Reuters) – The Dow and S&P 500 reversed course to trade lower on Friday, while the Nasdaq fell more than 1% after comments on stimulus tapering from Federal Reserve Chair Jerome Powell spooked markets trading at record levels.
The Dow and the S&P 500 had hit record highs earlier in the session on positive earnings from American Express, before Powell said that the U.S. central bank is “on track” to begin reducing its purchases of assets. read more
“Every time he (Powell) has been talking about tapering so far, markets haven’t been bothered by it, but now at record highs investors tend to be just a little bit more sensitive to such news,” said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.
The benchmark S&P 500 index (.SPX) is still set for its third straight week of gains, rising about 1.4% this week.</…….
Source: https://www.reuters.com/article/marketsNews/idUSL4N2RI2QW?il=0
