Dow sinks 700 points, dropping back below 30,000

[superadmin]

Dow sinks 700 points, dropping back below 30,000 to the lowest level in more than a year

The Dow Jones Industrial Average on Thursday tumbled below the key 30,000 level for the first time since January 2021 as investors worried the Federal Reserve’s aggressive approach toward curbing inflation would bring the economy into a recession.

Markets had rallied on Wednesday after the Fed announced its largest rate hike since 1994, but reversed those gains and then some on Thursday.

The Dow dropped 2.42%, or 741.46 points, to 29,927.07, while the S&P 500 slipped 3.25% to 3,666.77. The Nasdaq Composite slid 4.08% to 10,646.10 and touched its lowest level since September 2020.

The major averages have suffered steep losses this week. The S&P 500 is down 6%, while the Nasdaq has fallen 6.1%. The blue-chip Dow is off by about 4.7% this week and on pace for its 11th losing week of the last 12.

- More -