U.S. stocks ended lower on Tuesday after Federal Reserve Chairman Jerome Powell said the central banks was still monitoring the economy for signs of weakness and would seek to avoid a knee-jerk reaction in terms of cutting benchmark interest rates. The Dow Jones Industrial Average fell 179.32 points, or 0.67%, to 26,548.22. The S&P 500 lost 27.97 points, or 0.95%, to 2,917.38. The Nasdaq Composite gave up 120.98 points, or 1.51%, to 7,884.72.
U.S. oil prices fell on Tuesday, posting a modest retreat after three consecutive session gains on the back of heightened tensions between the U.S. and Iran. August West Texas Intermediate crude fell 7 cents, or 0.1%, to settle at $57.83 a barrel. August Brent crude edged up by 19 cents, or 0.3%, to $65.05 a barrel.
Federal Reserve Chairman Jerome Powell said Tuesday afternoon that the Fed is “insulated” from short-term political pressure, warning that huge policy mistakes can happen when the Fed is influenced by the White House.
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