Summary

• The ASX 200 fell by a much as 110 points, or 1.8 per cent, at the open to 6038.3
• The heavyweight financials were dragging by 2.6 per cent and the big miners were also subdued 
• Both S&P 500 and the Dow fell after US Fed chair Jerome Powell forecast a long and slow recovery for the US economy. Gains for Apple and Microsoft helped the NASDAQ close at a record high
• Brent crude rose 1.3pc a barrel and US oil was up 1.6pc. Iron ore shed 0.6pc to $US103.93 a tonne