Stocks Fall on Fed Comments

Treasury yields rose and stocks fell after the head of the Federal Reserve said that he's feeling more optimistic about the economy, the AP reports. Fed Chairman Jerome Powell told Congress Tuesday that he had become more bullish about the economy since December. That could indicate he's open to more aggressive interest rate increases to keep the economy from overheating and stoking inflation. Powell's remarks came at his first public appearance as Fed chairman. The 10-year Treasury yield rose to 2.90%. The Standard & Poor's 500 index fell 35 points, or 1.3%, to 2,744. The Dow Jones industrial average lost 299 points, or 1.2%, to 25,410. The Nasdaq composite gave up 91 points, or 1.2%, to 7,330. (More stock market stories.)