US stocks end 2-year winning streak after Fed chair's comments

By Ovunc Kutlu

ISTANBUL (AA) - The S&P 500 and Nasdaq closed with losses Thursday to end their longest winning streak in two years after comments by the Federal Reserve chair.

The S&P 500 declined 35 points, or 0.81%, to finish the day at 4,347 and snapped its eight-day streak.

The tech-heavy Nasdaq plummeted almost 129 points, or 0.94%, to close the session at 13,521 -- putting an end to nine consecutive days of gains.

The Dow Jones Industrial Average meanwhile decreased 220 points, or 0.65%, to finish the day at 33,891.

Fed Chair Jerome Powell earlier left the door open for more interest rate hikes to bring down inflation.

"If it becomes appropriate to tighten policy further, we will not hesitate to do so," he said at a policy panel at the 24th Jacques Polak Annual Research Conference hosted by the International Monetary Fund in Washington, D.C.

The VIX volatility index, also known as the fear index, jumped 5.8% to 15.29. The 10-year US Treasury yield rose 2.6% to 4.678%.

The dollar index increased 0.3% to 105.91, while the euro was unchanged at $1.0668 against the greenback.

Precious metals were in positive territory, with gold adding 0.42% to $1,958 an ounce and silver rising 0.39% to $22.63.

Oil prices were steady, with global benchmark Brent crude at $79.92 per barrel and US benchmark West Texas Intermediate crude at $75.60.