NEW YORK, Sept. 22 (Xinhua) — US stocks fell on Thursday as investor fears that the Federal Reserve’s (Fed) aggressive tightening policy could plunge the economy into recession.
The Dow Jones Industrial Average fell 107.10 points (0.35%) to 30,076.68. The S&P 500 fell 31.94 points (0.84%) to 3,757.99. The Nasdaq Composite Index dropped 153.38 points (1.37%) to 11,066.81.
Nine of the S&P 500’s 11 major sectors closed in the red, with consumer goods and financials leading the laggards, down 2.16% and 1.66%, respectively. Health care and telecom services groups made modest gains.
The Federal Reserve on Wednesday raised rates by 75 basis points for the third time in a row this year and signaled an even bigger rate hike to curb rampant inflation.
“It is in line with our view that the Fed will remain tough until there are clear signs that inflation will return to target, even if that hurts growth,” UBS analysts wrote in a note Thursday. said.
On the economic side, initial U.S. unemployment claims, a rough way of measuring layoffs, rose by 5,000 to 213,000 in the week ending Sept. 17, the Labor Department reported Thursday. Economists polled by The Wall Street Journal had forecast new claims totaling 214,000.
https://www.bignewsnetwork.com/news/272787390/us-stocks-fall-amid-recession-fears?utm_source=feeds.bignewsnetwork.com&utm_medium=referral US stocks fall amid recession fears