Dow drops 1,000 points following Powell speech at Jackson Hole

The Dow Jones Industrial Average dropped more than 1,000 points Friday following comments from Federal Reserve Chairman Jerome Powell that the Fed will press forward with raising interest rates while inflation lingers.

Powell gave a keynote address at the Fed’s annual policy summit in Jackson Hole, Wyo., saying that the central bank would be willing to take “forceful and rapid” steps to address inflation even if it means potentially higher unemployment rates and a recession.