Stocks Tumble , to New 2022 Low, , Enter Bear Market Territory.
On September 23, following a brutal week for
financial markets, stocks tumbled amid surging interest
rates and increased fears of a global recession.
On September 23, following a brutal week for
financial markets, stocks tumbled amid surging interest
rates and increased fears of a global recession.
The Dow Jones Industrial Average
fell over 700 points to drop
below 30,000 to a new 2022 low. .
NBC reports that the 30-stock index
has fallen 20% from its high
and is now in bear market territory.
Meanwhile, the S&P 500
dropped 2% and appeared poised
to hit a new 2022 closing low.
The Nasdaq Composite
also dropped about 2%.
The market has been
transitioning clearly and quickly
from worries over inflation to
concerns over the aggressive
Federal Reserve campaign, Quincy Krosby, LPL Financial, via NBC.
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, Quincy Krosby, LPL Financial, via NBC.
The British pound also fell to a three-decade
low against the U.S. dollar and
Major European markets lost 2% on the day.
This is a global macro
mess that the market
is trying to sort out, Quincy Krosby, LPL Financial, via NBC.
NBC reports that September 23
marked the fourth negative session
in a row for the major averages. .
On September 21, the Federal Reserve issued another massive rate hike of 75 basis points and indicated more rate hikes on the horizon.
On September 21, the Federal Reserve issued another massive rate hike of 75 basis points and indicated more rate hikes on the horizon