Dow tumbles 600 points into bear market territory,
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Posted On: 09/23/2022 1:46:04 PM
Dow tumbles 600 points into bear market territory, sets a new low for the year
Stocks fell Friday morning as investors continued responding to the Fed's decision.
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 Industrial Average fell more than 700 points to fall below 30,000 to a new low for the year. The 30-stock index is fell 20% from its high, known as bear market territory on Wall Street. It was last trading 603 points lower, or 2%. The S&P 500 fell 2.2% and headed for a new 2022 closing low, while the Nasdaq Composite slid about 2%.
“The market has been transitioning clearly and quickly from worries over inflation to concerns over the aggressive Federal Reserve campaign,” said Quincy Krosby of LPL Financial. “You see bond yields rising to levels we haven’t seen in years — it’s changing the mindset to how does the Fed get to price stability without something breaking.”
https://www.cnbc.com/2022/09/22/futures-inch-...-offs.html
Stocks fell Friday morning as investors continued responding to the Fed's decision.
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 Industrial Average fell more than 700 points to fall below 30,000 to a new low for the year. The 30-stock index is fell 20% from its high, known as bear market territory on Wall Street. It was last trading 603 points lower, or 2%. The S&P 500 fell 2.2% and headed for a new 2022 closing low, while the Nasdaq Composite slid about 2%.
“The market has been transitioning clearly and quickly from worries over inflation to concerns over the aggressive Federal Reserve campaign,” said Quincy Krosby of LPL Financial. “You see bond yields rising to levels we haven’t seen in years — it’s changing the mindset to how does the Fed get to price stability without something breaking.”
https://www.cnbc.com/2022/09/22/futures-inch-...-offs.html
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