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Dow skids nearly 600 points and stock market's losses deepen as Fed's Powell says faster taper may be warranted amid omicron

·1-min read
Dow skids nearly 600 points and stock market's losses deepen as Fed's Powell says faster taper may be warranted amid omicron
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U.S. stocks saw losses sharpen late-morning Tuesday as Federal Reserve Chairman Jerome Powell suggested that a more rapid tightening of financial conditions may be warranted as the omicron variant of the coronavirus that causes COVID-19 complicates the economic recovery and potentially intensifies supply-chain bottlenecks. The Dow Jones Industrial Average was down 570 points, or 1.6%, at 34,567, the S&P 500 index was trading 1.6% lower at 4,581, while the Nasdaq Composite Index was trading 1.7%

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