S&P 500 posts biggest drop since May after Fed cut, Powell comments
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Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 29, 2019. REUTERS/Brendan McDermid
NEW YORK (Reuters) - The Dow and S&P 500 suffered their biggest daily percentage drops since May 31 on Wednesday after the Federal Reserve cut interest rates for the first time in a decade, but remarks by Fed Chair Jerome Powell dampened expectations for further cuts going forward.
Based on the latest available data, the Dow Jones Industrial Average <.DJI> fell 336.26 points, or 1.24%, to 26,861.76, the S&P 500 <.SPX> lost 33.07 points, or 1.10%, to 2,980.11, and the Nasdaq Composite <.IXIC> dropped 98.20 points, or 1.19%, to 8,175.42.
(Reporting by Caroline Valetkevitch; Editing by Leslie Adler)
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