Posted on 09/23/2022 11:44:39 AM PDT by EBH
Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession.
The Dow Jones Industrial Average fell more than 700 points to fall below 30,000 to a new low for the year. The 30-stock index is fell 20% from its high, known as bear market territory on Wall Street. It was last trading 756 points lower, or 2.5%. The S&P 500 fell 2.7% and headed for a new 2022 closing low, while the Nasdaq Composite slid about 2.8%.
“The market has been transitioning clearly and quickly from worries over inflation to concerns over the aggressive Federal Reserve campaign,” said Quincy Krosby of LPL Financial. “You see bond yields rising to levels we haven’t seen in years — it’s changing the mindset to how does the Fed get to price stability without something breaking.”
The British pound hit a fresh more than three-decade low against the U.S. dollar after a new U.K. economic plan that included a slew of tax cuts rattled markets that are fearing inflation above all right now. Major European markets lost 2% on the day.
“This is a global macro mess that the market is trying to sort out,” Krosby said.
Friday marked the fourth negative session in a row for the major averages. The Fed on Wednesday enacted another super-sized rate hike of 75 basis points and indicated it would do another at its November meeting.
(Excerpt) Read more at cnbc.com ...
Confirmed: Another evening party at the Delaware White House. /s
Here are some of the other stocks hitting fresh lows on Friday:
Nike trading at lows not seen since July 2020
Warner Bros. Discovery trading at lows not seen since July 2009
Booking Holdings trading at lows not seen since November 2020
Caesars Entertainment trading at lows not seen since August 2020
Hasbro trading at lows not seen since July 2020
Walgreens Boots Alliance trading at lows not seen since November 2012
Baker Hughes trading at levels not seen since October 2018
3M trading at lows not seen since September 2013
Advanced Micro Devices trading at lows not seen since July 2020
Salesforce.com trading at lows not seen since April 2020
Intel Corporation trading at lows not seen since August 2015
MasterCard trading at lows not seen since November 2020
Microsoft trading at lows not seen since March 2021
Micron trading at lows not seen since October 2020
Visa trading at lows not seen since October 2020
Southwest trading at lows not seen since August 2020
Lumen Technologies trading at lows not seen since December 1991
— Samantha Subin
OWW!
The Dems think this is a good thing, heading into the midterms? Geez. Maybe they have their cheating in line, so they don’t care.
My retirement funding is off 25% YTD, and off 18.7% YoY.
OUCH!
Yep, it’s time for another party to celebrate the Inflation Reduction Act, and listen to some James Taylor music. Party on!!!
Biden is an economic pandemic on this nation. Thank goodness my lifetime savings is still adorned with woke ESG regulations! I’m not quite sure how to pay my bills with them though?
29,349.66
−727.02 (2.42%)today at the moment was down 763 a few minutes ago.
Plunge protection kicking in?
Welcome to the Great Depression...21st century style.
Are the market losses more than an inch yet?
BOHICA
Let’s go effin’ Brandon...
Nice building back there...
Jan 20th 2021-—
Gas was $2.01 per gallon
The Dow was at 31,188 and going up
Inflation was 1.4%
Less than two years into Joseph Stolen’s Presidency:
Average gas $3.68
Dow at 29,311 and dropping
Inflation 8.3%
Violent Crimes up 5%-42% compared to early 2021
Good job Pedo Pete, you did one hellava job destroying America..will take 20 yrs to fix this crap that he and his commie loons created
Build back better!
REally makes one wonder how our country survives from one Presidency to the next. I almost feel like there is too much power in the executive branch. But then ...maybe we need leaders who believe in Constitution and America first. :-)
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