U.S. stocks lose steam, Dow Jones falls 177 points

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NEW YORK, New York – Concerns about Fed tightening and the Ukraine War had investors jittery on Wednesday.

The CEO of JPMorgan Chase, Jamie Dimon, summed up his concerns quite graphically, issuing a warning to investors.

“You know, I said there are storm clouds but I’m going to change it it’s a hurricane,” CNBC reported Dimon as saying Wednesday at a financial conference in New York.

“You’d better brace yourself. JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet,” he said.

The Dow Jones industrials fell 176.89 points or 0.54 percent to 32,813.23.

The Nasdaq Composite was off 86.93 points or 0.72 percent at 11,994.46.

The Standard and Poor’s 500 dropped 30.92 points or 0.75 percent to 4,101.23.

The U.S. dollar took off against the majors, but was barely moved against the commodity currencies. The euro sank to 1.0652 by the New York close Wednesday. The British pound tumbled to 1.2483. The Japanese yen skidded to 130.18, while the Swiss franc eased to 0.9633.

The Canadian dollar was steady at 1.2656. The Australian dollar was little changed at 0.7177. The New Zealand dollar softened to 0.6483.

Overseas, the FTSE 100 in London gave up 0.98 percent. The German Dax was marked down 0.33 percent. The Paris-based CAC 40 lost 0.77 percent.

In Japan, the Nikkei 225 forged ahead, adding 178.09 points or 0.65 percent to 27,457.89.

The Australian All Ordinaries edged up 7.70 points or 0.10 percent to 7,462.90.

In New Zealand, the S&P/NZX 50 jumped 64.90 points or 0.57 percent to 11,373.24.

China’s Shanghai Composite fell 4.27 points or 0.13 percent to 3,182.16.

The Hang Seng in Hong Kong closed 120.26 points or 0.56 percent lower at 21,294.94.

In South Korea, the Kospi Composite gained 16.24 points or 0.61 percent to 2,685.90.