S&P 500, Nasdaq snap winning streaks after Powell, Treasury auction

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By Chuck Mikolajczak (Reuters) – U.S. stocks closed lower on Thursday, snapping the longest winning streaks for the Nasdaq and S&P 500 in two years, as Treasury yields climbed after a disappointing auction of 30-year bonds and comments from Federal Reserve Chair Jerome Powell. Powell said central bank officials “are not confident” interest rates are high enough to tame inflation, and may not get much more help from improvements in the supply of goods, services and labor. Stocks had moved slightly lower prior to Powell’s comments as yields climbed after a weak auction of $24 billion in 30-year …

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