Stocks fall on Wall Street following Fed chief’s comments

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Stocks shed early gains and closed broadly lower on Wall Street Thursday after the head of the Federal Reserve said the central bank needs to take more aggressive action to fight high inflation. The S&P 500 fell 1.5%, the Dow Jones Industrial Average fell 1% and the Nasdaq fell 2.1%. American Airlines rose after telling investors it expects to turn a profit in the second quarter as more people return to travel. Tesla rose after the maker of electric cars and solar panels reported strong sales and a seven-fold increase in profits. Treasury yields rose.