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Dow falls 652 points on Fed chief Powell's tapering comments and Omicron variant concerns

Added 11-30-21 04:14:02pm EST - “Fed Chief Jerome Powell also warned investors against the Omicron strain, which he said threatens to slow down the country's economic recovery.” - Markets.businessinsider.com

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Posted By TheNewsCommenter: From Markets.businessinsider.com: “Dow falls 652 points on Fed chief Powell's tapering comments and Omicron variant concerns”. Below is an excerpt from the article.

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US stocks tumbled Tuesday following new comments from Federal Reserve Chair Jerome Powell who signaled an earlier-than-expected end to monthly bond purchases. In a turnaround, he also remarked that inflation can no longer be considered "transitory."

Further shaking investor confidence were comments from the central bank chief that warned investors against the Omicron strain, which he said threatens to slow down the country's economic recovery and increase "uncertainty for inflation." 

Powell's remarks deepened the selloff in equities that started at the open after Moderna's CEO expressed reservations about the efficacy of his company's vaccine against the new strain.

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