September 24, 2022

US stocks fell for a third day in a row on Wednesday after the Federal Reserve raised interest rates.

The Dow Jones Industrial Average fell 522.52 points, or 1.7%, to 30,183.71. The S&P 500 fell 66.11 points, or 1.71%, to 3,789.82, and the Nasdaq Composite fell 204.86 points, or 1.79%, to 11,220.19.

The Fed approved a third consecutive interest rate hike of 0.75% to reduce inflation. The Fed has signaled that it will continue to raise interest rates aggressively in the coming year.

Some of the tech stocks that fell included Apple (AAPL), which ended at $153.72, down $3.18 or 2.03%. Shares of Microsoft (MSFT) fell $3.50, or 1.44%, to $238.95.

“You can only steer the ship into the storm for so long, but eventually there comes a time when you have to batten down the hatches and with the Fed’s third consecutive 75 basis point rate hike in the past four months, market participants should be looking for cover to weather the coming storm ,” Charlie Ripley, senior investment strategist at Allianz Investment Management, said CNBC.

Source link

Leave a Reply

Your email address will not be published.