Your current location:HOME >opinions >Dow drops over 700 points to end below 30,000 正文
TIME:2024-05-21 22:00:31 Source: Internet compilationEdit:opinions
A trader works at the New York Stock Exchange in New York, the United States, June 15, 2022. (David
A trader works at the New York Stock Exchange in New York, the United States, June 15, 2022. (David Nemec/NYSE/Handout via Xinhua)
The Dow Jones Industrial Average tumbled 741.46 points, or 2.42 percent, to 29,927.07, marking the first time the index has traded below the 30,000 threshold since January 2021.
NEW YORK, June 16 (Xinhua) -- U.S. stocks fell sharply on Thursday as steep sell-off continued on Wall Street amid rising recession fears.
The Dow Jones Industrial Average tumbled 741.46 points, or 2.42 percent, to 29,927.07, marking the first time the index has traded below the 30,000 threshold since January 2021. The S&P 500 fell 123.22 points, or 3.25 percent, to 3,666.77. The Nasdaq Composite Index shed 453.05 points, or 4.08 percent, to 10,646.10.
All the 11 primary S&P 500 sectors ended in red, with energy and consumer discretionary down 5.58 percent and 4.76 percent, respectively, leading the losses.
The heavy selling came as investors grew concerned that the Federal Reserve's aggressive policy tightening could push the economy into a recession.
The Fed on Wednesday raised its benchmark interest rate by 75 basis points, the sharpest rate hike since 1994, bringing the target range for the federal funds rate to 1.5 to 1.75 percent.
The move could be followed by another hike of that magnitude in July, or a half-point increase, Fed Chair Jerome Powell said Wednesday.
Photo taken on June 1, 2022 shows the U.S. Federal Reserve in Washington, D.C., the United States. (Xinhua/Liu Jie)
Meanwhile, the Fed's updated economic projections pointed to a likely slowdown in the economy.
The Fed's rapid response with a 75 bps hike was a sign that it intends to win its inflation-fighting credibility back "at a higher risk of recession," analysts at UBS said in a note on Thursday.
The action "will have a negative impact on growth and on valuations," they added.
On the economic front, the U.S. Commerce Department said Thursday that construction started on new U.S. homes fell 14.4 percent in May. Economists polled by Dow Jones had estimated a 2.6 percent decline.
U.S. initial jobless claims, a rough way to measure layoffs, decreased by 3,000 to 229,000 for the week ending June 11, the Department of Labor reported. The reading remained close to a five-month high and was higher than the 220,000 print expected by economists polled by The Wall Street Journal. ■
Insider Q&A: CIA's chief technologist's cautious embrace of generative AI2024-05-21 21:49
Romanian artists share China travel experiences2024-05-21 21:38
Chinese company signs MoU with Ethiopia to light up off2024-05-21 21:35
Xi Holds Talks with Sierra Leonean President2024-05-21 21:22
Flight attendant reveals why plane passengers should NEVER fall asleep before take off2024-05-21 21:21
More U.S., China financial cooperation expected by industry insiders2024-05-21 21:11
China champions peace, development, confronts jackals, wolves head on2024-05-21 20:57
Embassy welcomes 'home' overseas Chinese2024-05-21 20:45
Russian theater director and playwright go on trial over a play authorities say justifies terrorism2024-05-21 20:10
Xi signs order to promulgate regulations on honors for servicemen2024-05-21 19:32
Cruise worker 'murders newborn son on board ship': Shocked co2024-05-21 21:48
Mainland calls for peaceful development of cross2024-05-21 21:45
China, Norway share common goals at ministerial meeting2024-05-21 21:25
Feature: China's satellite TV aid project enlightens remote rural villages in Africa2024-05-21 20:54
The government wants to buy their flood2024-05-21 20:18
Xi holds talks with Iranian president, eyeing new progress in ties2024-05-21 20:00
Biodiversity rebounds in Qinghai2024-05-21 19:47
Mozambique inaugurates Chinese2024-05-21 19:39
Online reading or offline clubs? Young Chinese embrace both in digital era2024-05-21 19:39
Xi Replies to Letter from Iowa's Muscatine High School Students2024-05-21 19:36