Amid continuing concerns about high inflation
The New York Stock Exchange ended a slump on Thursday, its worst half since 1970, amid continuing high inflation concerns, which pushed the US Federal Reserve (Fed) to start raising interest rates.
The Dow Jones industrial average closed down 253.88 points (-0.82%) at 30,775.43 points.
The Nasdaq index, which is mainly dominated by securities of technology companies, closed with a fall of 149.16 points (-1.33%), to 11,028.74 points.
The broader S&P 500 index, indicative of the general trend, closed with a fall of 33.45 points (-0.88%), to 3,785.38 points.
“The central bank’s efforts to fight inflation are raising growing concerns about a downturn in the US economy,” said Edward Moya, an Oanda analyst. The “data flood” on inflation and household spending in the US has made it clear that “the risks of recession continue to rise,” he added.
Since the beginning of the year, the Dow Jones has lost 15.31%, the Nasdaq has sunk 29.51%, recording the worst performance in six months in its history, while the S&P 500 has settled in what experts call a “bear market” , losing 20.52%.
Check out the news feed and stay up to date with the latest news.
