Markets Plunge As More Rate Hikes Loom

The markets plunged after Federal Reserve Chairman Ben Bernanke cautioned that inflationary pressures may lead to more interest rate hikes. The Dow plummeted 199 points to 11,049 while Nasdaq dropped 50 points to 2,170. S&P 500 tumbled 23 points to 1,265. The 30-year bond eased as the yield rose to 5.117%.