The Dow Jones Industrial Average plummeted more than 1,000 points on Friday after Federal Reserve Chairman Jerome Powell indicated the regulator was likely to continue raising interest rates amid lingering inflation concerns and other economic issues.

Powell foreshadowed additional rate hikes at the Federal Reserve's annual economic symposium in Jackson Hole, Wyoming, according to the Associated Press. “These are the unfortunate costs of reducing inflation,” Powell said. “But a failure to restore price stability would mean far greater pain.”

The DJIA fell 3.03% to 32,283.40 at closing, in the immediate aftermath of Powell's speech, MarketWatch indicated. Other major indices experienced similar drops, including the Nasdaq Composite, which fell 497.56 points for a 3.94% drop.