July 31, 2019 / 8:06 PM / 22 days ago

US STOCKS SNAPSHOT-S&P 500 posts biggest drop since May after Fed cut, Powell comments

NEW YORK, July 31 (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 fell 336.26 points, or 1.24%, to 26,861.76, the S&P 500 lost 33.07 points, or 1.10%, to 2,980.11, and the Nasdaq Composite dropped 98.20 points, or 1.19%, to 8,175.42. (Reporting by Caroline Valetkevitch Editing by Leslie Adler)

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