Yellen says she expects inflation to diminish this year if U.S. controls pandemic

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Dow posts 5th straight loss as stock-market bounce runs out of steam

Stocks ended lower Thursday, giving up early gains as investors appeared unable to shake off worries over a rising interest-rate environment. The Dow Jones Industrial Average fell around 313 points, or 0.9%, to close near 34,715, according to preliminary figures, extending its losing streak to five sessions, the longest since September. The S&P 500 declined around 50 points, or 1.1%, to finish near 4,483, while the Nasdaq Composite dropped around 186 points, or 1.3%, to end near 14,154. The tech-heavy Nasdaq on Wednesday entered correction territory, having fallen more than 10% from a record high set in November. Analysts have tied stock-market weakness to begin the new year to expectations the Federal Reserve will be much more aggressive than previously expected in raising interest rates and otherwise tightening monetary policy in an effort to rein in persistently high inflation.

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