Dow closes lower again after US Federal Reserve rate hike

US stocks continued their week-long slide on Thursday after the US Federal Reserve hiked interest rates.

The Dow Jones Industrial Average closed up 107.69 points, or 0.36%, at 30,076.09. The S&P 500 fell 32.07 points, or 0.85%, to 3,757.86 and the Nasdaq Composite fell 153.39 points, or 1.37%, to 11,066.81.

Competing inflation and recession worries have unsettled investors, fueling choppy trading and a bear market in recent weeks.

The Fed hiked rates by 0.75% on Wednesday, the third straight time the central bank has hiked rates by that amount.

Federal Reserve Chair Jerome Powell said the measures are intended to stifle inflation. However, some believe the rate hikes are too aggressive and there are fears that the Fed’s actions could push the economy into recession.

“None of those voting on the Federal Reserve are focused on the significant price deflation in the pipeline,” Ark Invest analyst Cathie Wood said in a tweet. “The Fed appears to be making decisions based on lagging indicators and analogies.”

Some of the stocks that fell on Thursday were Uber (UBER), which closed at $28.58, down $1.89 or 6.20%, and Carvana (CVNA), down $3.69 or 12.04% to close at $26.97.

https://www.ibtimes.com.au/stock-market-today-dow-closes-lower-again-after-federal-reserve-interest-rate-hike-1838663?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Dow closes lower again after US Federal Reserve rate hike

Fry Electronics Team

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