The index was down 2.7 per cent in first trading and has tumbled more than 20 per cent from its record in January, sparking fears that the US is on the brink of recession.
P 500 down more than 20 per cent from its record, amid fears that a recession is more likely given how unshakeable inflation has become.P 500 was 2.7 per cent lower in the first trading after investors had the weekend to reflect about a stunning report that showed inflation is getting worse, not better as some had hoped. The Dow Jones Industrial Average was down 625 points, or 2 per cent, at 30,767, as of 9.40am Eastern time, and the Nasdaq composite was 3 per cent lower.
It’s all a whiplash turnaround from earlier in the pandemic, when central banks worldwide slashed rates to record lows and made other moves that propped up prices for stocks in hopes of juicing the economy.Such expectations are also sending US bond yields to their highest levels in years. The two-year Treasury yield shot to 3.20 per cent from 3.06 per cent late Friday, its second straight major move higher. It’s more than quadrupled this year and touched its highest level since 2008.
The pain was worldwide as investors braced for more aggressive moves from a coterie of central banks.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tigers recruit facing monster ban after ‘horrible’ 20-year first.WestsTigers centre Brent Naden is facing a potential five-week ban after he was sent off for a “horrible” spear tackle on SeaEagles' Jake Trbojevic on Sunday. Naden dumped the Sea Eagles lock down directly on his head in the 65th-minute tackle. 7NEWS
Read more »
How to beat the bear market bluesInvestors that let emotion steward investment decisions risk selling quality assets for cheap instead of focusing on long-term portfolio objectives.
Read more »
‘Secretive, adorable weirdos’: rare possum caught in the Northern Territory for first timeEcologists say discovery of scaly-tailed possum at Bullo River Station is a sign of positive benefit of private land conservation
Read more »
Police issue warning over fake $100 notes circulating in Northern TerritoryIf you&x27;re one of the few Aussies still paying with cash in 2022, you might want to double check what&x27;s in your wallet after a new announcement from police.
Read more »
Police issue warning over fake $100 notes circulating in Northern TerritoryIf you&x27;re one of the few Aussies still paying with cash in 2022, you might want to double check what&x27;s in your wallet after a new announcement from police.
Read more »