Dow Falls 250 Points As the Major Averages Add to Their Friday Losses

Tiger Newspress2022-08-29

Stocks fell Monday as worries over rising rates and tighter monetary policy added fuel to a rout that began in the previous session.

The Dow Jones Industrial Average slid 252 points, or about 0.7%. The S&P 500 and the Nasdaq Composite dropped 0.7% and 0.8%, respectively.

Wall Street was suffered a sharp sell-off on Friday, when Federal Reserve Chairman Jerome Powell's short and blunt remarks in Jackson Hole, Wyoming, appeared to extinguish hopes of the central bank changing its aggressive course of rate hikes in the months ahead.

The Dow fell 1,008 points, or just over 3%, for its worst day since May. The S&P 500 and Nasdaq Composite fell 3.4% and 3.9%, respectively, for their worst days since June. The drop erased the August gains for all three averages.

"Investors again cut back on their recent Risk-On positioning, supporting our view that it is way too soon to call their recent risk appetite a more permanent stance, and now one more likely to have cost them badly," Rick Bensignor of Bensignor Investment Strategies said in a note to clients.

Meanwhile in Europe over the weekend, European Central Bank board member Isabel Schnabel warned that central banks must continue to fight inflation — even if it tips economies into recession.

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Comments

  • Jess261
    2022-08-30
    Jess261
    Okay
  • MoneyCub
    2022-08-30
    MoneyCub
    Ok
  • Hkh
    2022-08-30
    Hkh
    Ok
  • adonis123
    2022-08-30
    adonis123
    Ding dong prices
  • PearlynCSY
    2022-08-30
    PearlynCSY
    Dow closes 100 points lower as sell-off continues, surging Treasury yields reflect mounting rate fears. Stocks fell on Monday as traders fought to regain their footing from the prior week’s sell-off amid increasing concerns over rising rates and tighter U.S. monetary policy.The Dow Industrial Average slid 0.57%, to 32,098.99. The S&P 500 slipped 0.67% to 4,030.61, and the Nasdaq Composite slumped 1.02% to 12,017.67.Monday’s stock moves also coincided with the yield on the 2-year Treasury note notching a fresh 15-year high as rate hike fears persistedWall Street suffered a sharp sell-off on Friday, when Federal Reserve Chairman Jerome Powell’s short and blunt remarks in Jackson Hole, Wyoming, appeared to extinguish hopes of the central bank changing its aggressive course of rate hi
  • AS78
    2022-08-30
    AS78
    Ok
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