Fed Chair shifts his bias

The Fed Chair shifted his bias toward the hawkish side getting rid of the "inflation is transitory" statement and plugging for a faster taper as well.

The major indices all fell sharply with the small-cap Russell 2000 and S&P index leading the way (although the Dow and NASDAQ were also hit hard).

The final numbers are showing:

  • Dow industrial average -652.22 points or -1.86% at 34483.70
  • S&P index -88.25 points or -1.90% at 4567.01
  • NASDAQ index -245.13 points or -1.55% at 15537.70
  • Russell 2000-43.06 points or -1.92% at 2198.90

For the month:

  • Dow industrial average -3.73%
  • S&P index -0.83%
  • NASDAQ index +0.25%
  • Russell 2000, -4.28%

After the close of Salesforce announced stronger earnings and revenues but there guidance for came in short of expectations. The stock is trading down close to 6% in after-hours trading. Salesforce was already the weakest performer of the Dow 30 today with a decline of -3.82%, but was up over 28% year to date.