"Market Decline: Fed Chair Powell Highlights Tariff Impact on Economic Stability"

New York (CNN) — US stocks plummeted Wednesday as Federal Reserve Chair Jerome Powell cautioned that President Donald Trump’s tariffs are historically unparalleled, with uncertain repercussions. The Dow sank 700 points (1.73%), while the S&P 500 dropped 2.24%, and the Nasdaq Composite fell 3.07%. Powell emphasized the unexpectedly large tariff increases could lead to heightened inflation and sluggish growth. Investors remain anxious as trade policy discussions evolve. Gold soared over 3% to a record high, signaling safe-haven demand amid economic turbulence, while the dollar weakened.