U.S. stocks slid lower Tuesday after Federal Reserve Chairman Jerome Powell said the central banks was still monitoring the economy for signs of weakness and would seek to avoid a knee-jerk reaction in terms of cutting benchmark interest rates.
The Dow Jones Industrial Average fell almost 0.7%, or 179 points, to end around 26,548, while the S&P 500 index lost 28 points, or 1%, to 2,917. The Nasdaq Composite Index gave up 121 points, or 1.5%, to 7,885, extending its losing streak into a third day.
Stocks that led the selloff include shares of Discovery Inc , TripAdvisor Inc. and Viacom Inc , which all closed the day lower by at least 3%.
Stocks fell earlier on Tuesday after fresh U.S. housing and consumer confidence data came in weaker than expected, which potentially could give the Federal Reserve more ammunition to cut rates in the near future.
Source : MarketWatch