Dow falls 400 points as stocks open lower


U.S. stocks opened lower Friday, set to end the week on a negative note as investors continue to digest a change in tone by the Federal Reserve. The Dow Jones Industrial Average
was down 402 points, or 1.2%, at 33,420. The S&P 500
shed around 39 points, or 0.9%, to trade at 4,183. The Nasdaq Composite
dropped around 78 points, or 0.6%, to trade at 14,083. A Fed meeting saw policy makers on Wednesday pencil in two rate hikes by the end of 2023, while raising their inflation forecast and discussing the eventual tapering of monthly asset purchases. Losses for stock-index futures deepened ahead of the opening bell Friday after St. Louis Fed President James Bullard, who isn’t a voting member this year of the Fed’s policy making Federal Open Market Committee, said it was “natural” for the Fed to tilt hawkish at the meeting given recent strong inflation readings.


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