Powell comments fuel 1,000-point market rout Friday as stocks slide for a second week - CNBC
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Stocks plummeted Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won't back off in its fight against rapid inflation.
The historical record cautions strongly against prematurely loosening policy," Powell said.
66, and the Nasdaq Composite slid 3.
The S&P 500 and Nasdaq Composite lost roughly 4% and 4.
"
The sell-off on Wall Street was broad-based, with just five stocks in the S&P 500 posting gains on Friday.
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