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Wall Street falls for the fourth week in a row as expectations of a rate hike increase
Market
Economy News-Baghdad
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Added 10/08/2022 - 11:48 AM
Update 10/09/2022 - 9:16 AM
https://economy-news.net/content.php?id=30104
Market
Economy News-Baghdad
Wall Street's main indexes closed sharply lower on Friday after strong September employment data raised the possibility that the Federal Reserve would go ahead with its rate hike campaign that many investors fear will push the economy into recession.
The Labor Department reported that the unemployment rate fell to 3.5% compared to experts' expectations of 3.7%, in an economy that continues to show strength despite the Federal Reserve's efforts to reduce high inflation by dampening growth.
Despite a two-day rally earlier in the week, Friday's decline pushed the S&P 500 index down for the fourth consecutive week, while the Dow Jones and Nasdaq fell for the seventh consecutive week, according to Reuters.
Wall Street markets open lower on fears of a sharp rise in interest rates
The Standard & Poor's 500 index fell by 103.90 points, or 2.77%, to close at 3640.62 points.
The Nasdaq Composite Index lost 418.49 points, or 3.78%, to record 10,654.83 points.
The Dow Jones Industrial Average fell 620.95 points, or 2.07%, to 29305.99 points.
All 11 major sectors on the S&P 500 lost ground, led by the technology sector.
Views 129
Added 10/08/2022 - 11:48 AM
Update 10/09/2022 - 9:16 AM
https://economy-news.net/content.php?id=30104
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