Curing Inflation Will Take a Long Time: Powell; Apple Stock Hits Record High

Federal Reserve Chairman Jerome Powell reiterated Wednesday that more rate rises likely lie ahead for the central bank and noted the possibility that the Fed's actions could bring some economic pain. Apple's stock climbed to an intra-day record high on Wednesday, and was on the cusp of ending the session for the first time with a market capitalization above $3 trillion. U.S. year-over-year home prices dropped by the most since 2011, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price Index.