Stocks were mixed Wednesday as Federal Reserve Chair Jerome Powell indicated to Congress there could be more rate hikes this year.
The S&P 500 (^GSPC) was down about 0.27%, while the Dow Jones Industrial Average (^DJI) rose 0.11%, or more than 36 points. The Nasdaq Composite (^IXIC) dropped 1.00%.
"Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year," Powell said in prepared remarks released before the start of a House Financial Services Committee hearing Wednesday.
Separately, an unexpected spat flared up after President Joe Biden called China's President Xi Jinping a "dictator" on Wednesday. That's seen as undermining efforts by both sides to rekindle relations between the US and the world's second-biggest economy.
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2023-06-21 19:16:55Z
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