NEW YORK (Pakistan Point News / Sputnik - 19th May, 2022) US stocks fell hard on Wednesday, with key benchmarks S&P 500 and the Dow Jones Industrial Average losing their most in a day since 2020, as fears about runaway inflation in the United States prompted Wall Street to resume its May selloff after a respite in recent days.
The three major stock indices on Wall Street - which included the S&P 500, grouping the top 500 US stocks, the broad-based Dow benchmark, and the technology-heavy Nasdaq Composite - closed down by an average of 3.8%.
The S&P 500 closed down 4% for its worst day since June 2020. The Dow settled down more than 1,100 points, or 3.6%, also suffering its biggest decline since 2020. Nasdaq led losses on the day among the three indexes, falling 4.7%. That was its biggest decline since May 5, when it fell 5%. Nasdaq, which includes top technology Names such as Amazon, Apple, Netflix and Google, has lost 7.4% so far for May and is down 27% on the year.
