Current location:entertainment >>
Dow drops over 700 points to end below 30,000
entertainment9People 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. ■
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Cultural Current news portal”。http://albania.bankruptcyintn.com/content-43f799938.html
Related articles
Tom Brady and Jay
entertainmentA small group of NFL rookies from the 2024 class, including Caleb Williams and Drake Maye, sat down ...
Read moreVenezuelan beauty queen Wilevis Brito, 24, dies following surgery on jaw and lip
entertainmentVenezuelan model Wilevis Brito reportedly went into cardiac arrest and died after she underwent faci ...
Read moreIvan Toney and Brentford teammate Nathan Collins have a heated argument on the pitch
entertainmentIvan Toney and Nathan Collins had a heated exchange of words after Brentford's draw with Aston Villa ...
Read more
Popular articles
- Celebrity birthdays for the week of May 26
- Video: How Hong Kong film directors are navigating a new era of censorship
- Dua Lipa flaunts her incredible figure in a thong bodysuit as she shares behind
- Taylor Swift 'turned down $9MILLION offer to perform private concert in the United Arab Emirates'
- Jon Wysocki dead at 53: Staind drummer passes away
- Jeffrey Dean Morgan cuddles up to Hilarie Burton as loved
Latest articles
Dame Judi Dench's tears as she receives Sycamore Gap tree seedling at Chelsea Flower Show
Kylie Minogue looks effortlessly chic in a pink silk co
Atletico Madrid star reveals the footballers'
Man United legend Andy Cole accuses Mikel Arteta of 'mugging off' out
Ohio judge to rule Monday on whether the state’s abortion ban stands
Atletico Madrid star reveals the footballers'
LINKS
- Central gov't lauds passage of safeguarding national security bill in HKSAR
- 'Guardian Angels' of Wetlands
- Son's Devotion to Ailing Mom in Shaanxi Inspires Others
- Ski Resort Planner: Bringing Joy to Tourists
- China launches new relay satellite for Earth
- Rural Woman Helps Villagers Attain Wealth by Growing Vegetables
- Protecting Wetlands for Human
- University Graduate Develops Cooperative, Helps Farmers Attain Wealth
- Rural Woman Helps Villagers Attain Wealth by Growing Vegetables
- 'Guardian Angels' of Wetlands