US stocks tumbled on Friday, ending four days of decline and ongoing concerns about inflation and recession. The Dow Jones Industrial Average fell more than 800 points before recovering at the close but remained below 30,000 for the first time since June.
The Dow Jones Industrial Average fell 483.83 points, or 1.61%, to 29,592.85. The S&P 500 fell 64.50 points, or 1.72%, to 3,693.49 and the Nasdaq Composite fell 198.88 points, or 1.80%, to 10,867.93.
On Wednesday, the Fed approved a 0.75 percentage point hike in interest rates to bring down inflation. It was the third straight hike at that rate, and Fed Chair Jerome Powell said the central bank would do whatever it takes to contain inflation. However, some analysts and investors say the central bank’s actions are too aggressive and could push the economy into recession.
Technology stocks that fell included Apple (AAPL), which closed at $150.43, down $2.31, or 1.51%. Qualcomm (QCOM) stock price fell $2.49, or 2.01%, to close at $121.19.
“Based on our client conversations, a majority of equity investors believe that a hard landing scenario is inevitable and their focus is on the timing, magnitude and duration of a potential recession and investment strategies for that prospect,” wrote Goldman Sachs’ David Kostin in a note to customers.
https://www.ibtimes.com.au/wall-street-today-us-stocks-pummeled-dow-falls-below-30000-inflation-recession-fears-rise-1838702?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution US stocks plummet, Dow falls below 30k as inflation and recession fears mount