By Liz Moyer

Investing.com – U.S. stocks closed lower following comments from Jerome Powell, Chairman of the Federal Reserve. The central bank increased interest rates by half-point.

The ET time was 9:52 am ET. It fell 419 points, or 1.2%. Meanwhile, the dropped 1.5%, and the plummeted 2.3%.

Powell caused a rally at the end of Wednesday, after stating that the policy makers were not considering an even larger rate increase. He did however suggest that another half point was on the cards for next week’s meeting. Although technology stocks rose, they were still able to take a rest on Thursday due to the apparent less aggressive stance than was expected.

The Bureau of Labor Statistics’ April employment report is now in the spotlight. It will be out on Friday. Expectations are that about 400,000 jobs were added to the nonfarm sector during April.

The oil price continued its rise while the Organization of the Petroleum Exporting Countries met with its allies. Crude, which is the international benchmark for oil prices, increased 2.5% at $110/barrel, while, which was the U.S. benchmark rose 2.5% at $113/barrel, rose 2.9%.

The price of an ounce rose by 1.3% to $1893