U.S. stocks closed lower for a second straight day on Tuesday, after U.S. House Speaker Nancy Pelosi defied China with a historic visit to Taiwan. The blue chip Dow Jones Industrial Average [djia] shed about 401 points, or 1.2%, ending near 32,396, while the S&P 500 index closed 0.7% lower and the Nasdaq Composite Index shed 0.2%. Stocks tumbled into the close, ended near the session’s worst levels after Pelosi became the highest ranking elected U.S. official to visit the island in 25 years. Although, diplomatic tensions between the U.S. and China weren’t the only focus for investors. Two top Federal Reserve officials also warned on Tuesday that expectations for the central bank to soon retreat from its aggressive rate-hiking stance, designed to curb high inflation, may be misguided, at least until U.S. costs of living start to retreat.
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