Wall Street’s major indexes closed sharply lower as investors feared the data could prompt interest rate hikes for longer than feared.
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Wall Street closed sharply lower on fears of a recession
Major Wall Street indexes closed sharply lower Thursday, with the tech-heavy Nasdaq tumbling as investors feared the data could prompt interest rate hikes for longer than feared.
According to preliminary data, the “Dow Jones” industrial index fell 348.26 points, or 1.04%, to 33,028.22, and the “Standard & Poor’s” 500 index lost a total of 55 84 points, or 1.44%, to 3822.6 points, and the “Nasdaq” composite index fell 233.25 points, or 2.18,% to 10476.12.
The final estimate for US GDP for the third quarter was 3.2% year over year, exceeding the previous estimate of 2.9%.
Meanwhile, the Labor Department said, “State jobless claims rose to 216,000 last week, but fell short of economists’ estimate of 222,000.
