Dow, S&P 500, and Nasdaq slip as Powell holds firm on gradual rate policy

4:15pm: Powell cites economic strength for rate caution Stocks declined on Thursday as the post-election rally lost momentum, with investors reacting to Federal Reserve Chair Jerome Powell’s comments indicating no urgency to lower interest rates. The Dow Jones fell by 0.5%, or over 200 points, to close at 43,751. The S&P 500 dropped 0.6%, ending the day at 5,949 and the Nasdaq slid…