Overnight, Fed chair Janet Yellen said
in a testimony before Congress that economic data since October backs the
central bank's expectations of an improved job market. She added the bank will
need to be cautious about raising rates form near zero, but added that - even
after an initial increase - Fed funds rates would remain accommodative.
The Dow Jones Industrial Average ended 252 points or 1.42 percent lower
at 17,478 while the S&P 500 was down 30 points or 1.44 percent at 2,049.
The Nasdaq was down 86 points or 1.7 percent at 5,038.
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