WallStreet drops after Fed chair dampens rate-cut hopes

The DowJones Industrial Average fell 162.77 points, or 0.61%, to 26,430.14, the S&P 500 lost 22.1 points, or 0.75%, to 2,923.73 and the Nasdaq Composite dropped 45.75 points, or 0.57%, to 8,049.64.

US stocks ended lower on Wednesday and the S&P 500 snapped a three-day streak of record high closes as comments from Federal Reserve Chairman Jerome Powell appeared to dampen hopes the central bank could move later this year to cut interest rates.

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