US indexes closed in the red, break lower ahead of the close

• Wall Street accelerates decline, Dow loses roughly 300 points.
• Dow nears 25,400, weekly low at 25,318 a key support for this Wednesday.

Wall Street's moves were linked to the event of the day, Fed Powell's testimony before the Congress, offering his first official wording on monetary policy. Powell was clearly optimist on the economic recovery, mentioning that he is willing to follow Yellen's path, yet at the same time opening doors for a fourth rate hike this year, as he said that the outlook has improved since the December's meeting.

At the same time, he abstained from giving a clear forward guidance on rates and added that QE is a viable tool for policymakers that is still there to be used in case of need.  US indexes entered negative territory after the statement, holding on to modest intraday losses for most of the US session, but breaking lower in the last hour of trading.

The DJIA was trading around 40 points lower ahead of the close but suddenly accelerated north to end the day at 25,410.03 down by 299 points. The S&P shed 1.27%, to settle at 2,744.28 while the Nasdaq Composite lost 91 points and closed at 7,330.35. In the meantime, Treasury yields ended the day higher, but of their daily highs, with the 10-year note yield peaking at 2.93% to end the day at 2.89%, 1 basis point above Friday's close.

The Dow is piercing the 25,430 region, where it presents multiple intraday highs and lows from these last few weeks, signaling further declines are possible during the upcoming sessions, with the immediate support now at 25,318 ahead of 25,265, the high set on February 21st.