Sunday 29 January 2023 - 11:09:26 am

US stocks tumble on rate hike concerns


NEW YORK, 24th September, 2022 (WAM) -- Wall Street's main indexes all tumbled to close well down on Friday, amid fears the U.S. Federal Reserve's hawkish rate policy will help tip the American economy into recession.

The Dow narrowly avoided ending more than 20% lower than its Jan. 4 record all-time closing peak of 36,799.64 points, meaning the blue-chip index did not attain a bear market label, according to a widely used definition, Reuters reported.

The S&P 500 and the Nasdaq are already in a bear market.

WAM/Hatem Mohamed