U.S. markets fall after Powell says interest rates will likely remain unchanged beyond March

Feb. 5 (UPI) -- U.S. markets closed lower and treasury yields surged Monday following comments from Federal Reserve Chairman Jerome Powell, who indicated that the central bank wasn't likely to lower interest rates anytime soon, contrary to what many on Wall Street had anticipated.

The Dow Jones Industrial Average was down 421.74 points, or 1.09%, while the S&P 500 dropped 0.82% and the Nasdaq Composite declined 0.98% about an hour after opening.

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