Nasdaq Falls to Correction Territory As Powell Speaks

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The major indexes fell to their lowest point of the trading session as Federal Reserve Chairman Jerome Powell spoke at the Wall Street Jobs Summit.

In his remarks, Powell reiterated that he believes the Fed was doing everything it should be doing. He said the “current policy stance is appropriate.”

And despite 745,000 new unemployment claims reported on Thursday morning, Powell remains optimistic about jobs. “I do expect a pickup in job creation… Presumably, we’ll start to see improvements in employment in the next couple of months,” he said.

The Fed’s congressional mandate is to keep inflation steady and maximum employment, but Powell admitted it’s been tough to do. “Right now, we haven’t been making much progress on our goals,” he said.

At writing, the Nasdaq Composite is trading down more than 3% on the day. It’s now more than 10% off its record-high close on February 12. If the index closes below 12,685, it will be considered in a correction.

The Dow Jones Industrial Average and S&P 500 are both near their session lows, down more than 2% on the day.

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