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All three indexes fell after worse-than-expected inflation data raised expectations the Fed will need to continue raising interest rates aggressively to bring prices under control.
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Markets jumped after Fed Chair Jerome Powell said the central bank was not contemplating bigger rate hikes than the half-a-percentage-point increase it delivered on Wednesday.
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Fear of higher energy prices led to a sharp sell-off on Wall Street, with the Nasdaq now in what's known as a bear market.