The Dow Jones industrial average slumped 2.8% after briefly skidding more than 1,000 points. The S&P 500 had its biggest one-day loss in almost seven weeks.
The Dow Jones industrial average slumped 2.8%, its biggest drop in 18 months, after briefly skidding more than 1,000 points.
The S&P 500 sank 2.8% and marked its third losing week in a row. The Dow Jones Industrial Average slumped 2.8%, its biggest drop in 18 months, after briefly skidding more than 1,000 points. The Nasdaq also had its worst day in nearly seven weeks, closing 2.6% lower. The Fed has already raised its key overnight rate once, the first such increase since 2018, as it aggressively removes the tremendous aid thrown at the economy through the pandemic. It's also preparing other moves to put upward pressure on longer-term rates.
The S&P 500 fell 121.88 points to 4,271.78. The Dow dropped 981.36 points to 33,811.40. The Nasdaq lost 335.36 points, closing at 12,839.29. The Dow and Nasdaq also posted losses for the week.A preliminary report on Friday indicated the U.S. services industry's growth is slowing, hurt in particular by surging costs for fuel, wages and other expenses.
Markets around the world are feeling similar pressure on rates and inflation, particularly in Europe as the war in Ukraine pushes up oil, gas and food costs. Verizon Communications slid 5.6% after it said it expects earnings for the year to fall at the lower end of the range it had previously forecast. The company also reported slightly weaker revenue than expected for the first three months of the year.
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