:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/SDXZPCOUYYXLEBHTTNBQZIXTF4.jpg "Wall Street stumbles on rate fears; the dowry falls 570 1")
NEW YORK (AP) — Stock prices on the New York Stock Exchange plunged on Tuesday after Federal Reserve Chairman Jerome Powell warned he could raise interest rates further if inflationary pressures persist.
The S&P 500 fell 1.5%, one of its worst days so far this year. The Dow Jones lost 574 points, or 1.7%, while the Nasdaq composite fell 1.2%.
Inflation and the Fed’s measures to control it have been at the center of Wall Street’s sharp swings this year. After apparently declining steadily since the summer of 2022, inflation reports last month came in surprisingly high, as did several other economic data.