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Market Swings on ADP Jobs Data and Powell's Speech, Intel Plunges on Chipmaking Woes

Market Swings on ADP Jobs Data and Powell's Speech, Intel Plunges on Chipmaking Woes
Market Swings on ADP Jobs Data and Powell's Speech, Intel Plunges on Chipmaking Woes

Dow Jones Reverses Course After ADP Jobs Data and Powell Speech

The Dow Jones Industrial Average initially gained on Wednesday, but later reversed its trajectory. This fluctuation followed the release of ADP's payroll data, which showed stronger-than-anticipated job growth in March, and the anticipation of a speech by Federal Reserve Chairman Jerome Powell later in the day.

Intel Plummets on Loss in Chipmaking Operations

Intel's stock experienced a significant decline after the company reported a $7 billion loss in its chipmaking operations for 2023, a widening of its $5.2 billion loss in 2022. Revenue from its foundry business fell by 37% in 2023 to $18.9 billion.

Powell's Economic Outlook Speech

Later on Wednesday, Powell delive

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