Stocks drop again, erasing big gains made on Monday
BISMARCK, N.D. (KFYR) - Stocks fell again on Tuesday. At one point, the Dow Jones Industrial Average dropped more than six hundred points, the S&P fell by 1.6%, and the Nasdaq Composite dipped by 1.7%. Industry experts say the drop was a result of several factors.
“The largest reason for a decline is it’s the last trading day of the month, and the new revelation from the CEO of Moderna vaccines said a booster was likely for this new variant out of South Africa,” said Eugene Graner, president of Heartland Investor Services.
Eugene Graner also said another factor was that, in an appearance before a Senate committee on Tuesday, Federal Reserve Chairman Jerome Powell said the Fed will consider quickening the pace of monthly bond purchase reductions. He said they’ll consider this because “the economy is very strong and inflationary pressures are higher.”
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