NEW YORK (Pakistan Point News / Sputnik - 16th September, 2022) Fears of a third outsized rate hike in a row sent US stocks tumbling on Friday, with the broad-based Dow index headed for its worst week in almost two years.
The Dow Jones Industrial Average, which comprises stocks of 30 large US corporations, was down 4.81% on the week some 40 minutes after the market's open. That was the largest weekly slide on the Dow since the week to October 30, 2020, when it fell 6.47%.
The S&P 500 Index, which represents the top 500 US stocks, was 4.1% lower on the week. The Nasdaq Composite Index, which comprises marquee Names in technology such as Amazon, Apple, Netflix and Google, was down 6.3% on the week. Stocks plunged this week ahead of a third rate hike of 75 basis points expected from the Federal Reserve when it meets on September 21.
