Stocks declined for a second day on Wednesday as the Federal Reserve indicated that it would take a more aggressive approach to its policy changes to combat inflation, raising concerns of an economic slowdown. The Dow Jones Industrial Average fell 144.67 points to 34,496.51, while the S&P 500 slid 0.97% to 4,481.15. The Nasdaq Composite declined 2.22% to 13,888.82 after sliding about 2.3% on Tuesday.
“It was a warning to anyone who thinks that the Fed is going to be more dovish in their fight against inflation,” asserted Quincy Krosby, chief equity strategist at LPL Financial. Furthermore, the Russia-Ukraine war threatens to slow the global economy, further hindering supply chains and fostering renewed economic uncertainty.
