Dow closes 500 points lower, Nasdaq sheds 3% as Fed Chair Powell signals intent to continue hiking rates Stocks tumbled Wednesday after Federal Reserve Chair Jerome Powell said inflation was still too high and indicated that the central bank has more rate hiking ahead.The Dow Jones Industrial Average slid 505.44 points, or 1.55%, to settle at 32,147.76."We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected," he said."The tone of Fed Chair Jay Powell's comments was quite hawkish, which means the Fed still has a way to go to fight inflation, and the level of interest rates will be higher than previously expected," said Jack McIntyre, portfolio manager at Brandywine Global.— Alex Harring Stocks fall as Powell says terminal interest rate will be higher than previously expected In a briefing with reporters on Wednesday following a fourth consecutive 0.75 percentage point rate hike, Federal Reserve Chairman Jerome Powell said the central bank's ultimate target for increases in interest rates has gone up."