U.S. Stocks Hit New Low for 2022 on Recession Fears
Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession. The Dow Jones Industrials withered 486.27 points, or 1.6%, to 29,590.41. The Dow notched a new low for the year and closed below 30,000 for the first time since June 17. The 30-stock index fell 19.9% on an intraday basis and flirted with bear market territory. The SP 500 retreated 64.76 points, or 1.7%, to 3,693.23, a new 2022 closing low. The NASDAQ Composite moved sharply into the red, 198.88 points, or 1.8%, to 10,867.93. Friday marked the fourth negative session in a row for the major averages. The Fed on Wednesday enacted another super-sized rate hike of 75 basis points and indicated it would do another at its November meeting. The major averages are on pace for their fifth decline in the last six weeks. The Dow has given up about 4.5% this week, while both the SP tunneled 5.2%, and the NASDAQ fell 5.5%. Shares of APA Corp. dipped 12.3%, and Marathon Oil led the SP’s losses, slumping 11.3% to lead the SP’s losses.
U.S. Stocks Hit New Low for 2022 on Recession Fears
Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession. The Dow Jones Industrials withered 486.27 points, or 1.6%, to 29,590.41. The Dow notched a new low for the year and closed below 30,000 for the first time since June 17. The 30-stock index fell 19.9% on an intraday basis and flirted with bear market territory. The SP 500 retreated 64.76 points, or 1.7%, to 3,693.23, a new 2022 closing low. The NASDAQ Composite moved sharply into the red, 198.88 points, or 1.8%, to 10,867.93. Friday marked the fourth negative session in a row for the major averages. The Fed on Wednesday enacted another super-sized rate hike of 75 basis points and indicated it would do another at its November meeting. The major averages are on pace for their fifth decline in the last six weeks. The Dow has given up about 4.5% this week, while both the SP tunneled 5.2%, and the NASDAQ fell 5.5%. Shares of APA Corp. dipped 12.3%, and Marathon Oil led the SP’s losses, slumping 11.3% to lead the SP’s losses.