Powell sworn in as Fed's new chief

Posted: February 6, 2018 at 1:51 a.m.

Jerome Powell, right, takes the oath of office as Federal Reserve Board chairman at the Federal Reserve, Monday, Feb. 5, 2018, in Washington. Powell is sworn in by Federal Reserve Board Member Vice Chairman for Supervision, Randal Quarles, left. (AP Photo/Andrew Harnik)

WASHINGTON -- Jerome Powell was sworn in Monday as the 16th chairman of the Federal Reserve on what turned out to be a turbulent day for Wall Street, with the Dow Jones industrial average plunging by more than 1,100 points.

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