The major US stock indices closed near low levels for the day. The declines were led by the NASDAQ index which fell -1.78%. Things got more negative after feds Bullard said a 50 basis point rise could not be ruled out at the next meeting.

Bullard is not a voting member is one of the more hawkish of the Fed officials. He sees a terminal rate of 5.25% – 5.50% as appropriate which is higher than the current projection of 5.10% from the December meeting.

Looking at the major indices:

  • Dow Industrial Average fell -431.20 points or -1.26% at 33696.86
  • S&P fell -57.19 points or -1.38% at 4090.42
  • NASDAQ index fell -214.75 points or -1.78% at 11855.84
  • Russell 2000 fell -18.75 points or -0.96% at 1942.21

The NASDAQ index is closing just above its 100 hour moving average at at 11852.27.