Dow tumbles over 1,000 points and the S&P 500 is hovering on the precipice of bear market territory as US markets continue downward on inflation fears.
New York The old joke goes like this: Two friends are at a resort and one says,"The food here is really terrible." The other replies,"And the portions are so small!" Today, it's investors who dislike the taste of the Federal Reserve's interest rate hikes — but seemingly want more anyway.
Markets have plummeted over the past month as the Federal Reserve telegraphed that it would regularly hike interest rates by half a percentage point for the foreseeable future to combat persistent inflation. On Wednesday, the Dow shed more than 1164 points, or 3.6%, its biggest loss since 2020. The broader market lost 4%, putting the S&P 500 on the precipice of bear market territory. The Nasdaq Composite lost 4.73%. Now, investors are asking for more.
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