Current location:Planet Perspectives news portal > politics
Dow drops over 700 points to end below 30,000
Planet Perspectives news portal2024-05-21 09:40:43【politics】3People have gathered around
IntroductionA trader works at the New York Stock Exchange in New York, the United States, June 15, 2022. (David
A trader works at the New York Stock Exchange in New York, the United States, June 15, 2022. (David Nemec/NYSE/Handout via Xinhua)
The Dow Jones Industrial Average tumbled 741.46 points, or 2.42 percent, to 29,927.07, marking the first time the index has traded below the 30,000 threshold since January 2021.
NEW YORK, June 16 (Xinhua) -- U.S. stocks fell sharply on Thursday as steep sell-off continued on Wall Street amid rising recession fears.
The Dow Jones Industrial Average tumbled 741.46 points, or 2.42 percent, to 29,927.07, marking the first time the index has traded below the 30,000 threshold since January 2021. The S&P 500 fell 123.22 points, or 3.25 percent, to 3,666.77. The Nasdaq Composite Index shed 453.05 points, or 4.08 percent, to 10,646.10.
All the 11 primary S&P 500 sectors ended in red, with energy and consumer discretionary down 5.58 percent and 4.76 percent, respectively, leading the losses.
The heavy selling came as investors grew concerned that the Federal Reserve's aggressive policy tightening could push the economy into a recession.
The Fed on Wednesday raised its benchmark interest rate by 75 basis points, the sharpest rate hike since 1994, bringing the target range for the federal funds rate to 1.5 to 1.75 percent.
The move could be followed by another hike of that magnitude in July, or a half-point increase, Fed Chair Jerome Powell said Wednesday.
Photo taken on June 1, 2022 shows the U.S. Federal Reserve in Washington, D.C., the United States. (Xinhua/Liu Jie)
Meanwhile, the Fed's updated economic projections pointed to a likely slowdown in the economy.
The Fed's rapid response with a 75 bps hike was a sign that it intends to win its inflation-fighting credibility back "at a higher risk of recession," analysts at UBS said in a note on Thursday.
The action "will have a negative impact on growth and on valuations," they added.
On the economic front, the U.S. Commerce Department said Thursday that construction started on new U.S. homes fell 14.4 percent in May. Economists polled by Dow Jones had estimated a 2.6 percent decline.
U.S. initial jobless claims, a rough way to measure layoffs, decreased by 3,000 to 229,000 for the week ending June 11, the Department of Labor reported. The reading remained close to a five-month high and was higher than the 220,000 print expected by economists polled by The Wall Street Journal. ■
Address of this article:http://tanzania.carpetcleaningepping.com/html-43f799938.html
Very good!(317)
Related articles
- College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at
- Gaza's Nasser hospital: Fears for patients as Israeli raid continues
- Greece gives away 25,000 free holidays
- Four farm silos listed for £200k and they can be converted to a fabulous family home
- The fightback begins: Boss of London's Queen Mary University tells pro
- A nation of explorers? Poll reveals that nearly a quarter of Brits have never even visited SCOTLAND
- As the Glastonbury 2024 lineup is announced, AI reveals the ultimate headliners
- Astronaut Thomas Stafford, commander of Apollo 10, dies aged 93: Air Force three
- ‘The Blue Angels,’ filmed for IMAX, puts viewers in the ‘box’ with the elite flying squad
- Revealed: The 20 best walks in Britain (and the maps that show you the perfect route)
Popular articles
Recommended
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
You're sure of a warm welcome along the awe
After Berlin, Zelensky signs French security pact amid Navalny shock
How to grab a last
Fresh heartache for cancer
Best bank accounts: Top current accounts for interest and rewards
The best views in Britain? Three
Go on holiday for just £6.40 with the Mail experts' guide to the best bargain trips
Links
- Rachel Reeves hints Labour's 'anti
- Former head of one of China's top state
- The Titans bolster wide receiving group by adding Tyler Boyd, AP source says
- Penske suspends Cindric, 3 others ahead of the Indianapolis 500
- Prince Harry celebrates Invictus Games in London but won't see his father, King Charles III
- North Macedonia elections: What is at stake? Who are contesting? All you need to know
- Boy Scouts of America changes name after 114 years to 'boost inclusion'
- Mother throws her disabled six
- Iran and the UN nuclear agency are still discussing how to implement a 2023 deal on inspections
- PGA Championship invites 7 LIV players to get top 100 in the world