Dow tumbles 2% in worsening sell-off on interest rate worries
Money

Dow tumbles 2% in worsening sell-off on interest rate worries

Wall Street stocks tumbled further Friday afternoon on rising angst over the Federal Reserve plan to aggressively counter inflation with higher interest rates.

Near 1830 GMT, the Dow Jones Industrial Average was down 2.0 percent at 34,088.51.

The broad-based S&P 500 fell 2.1 percent to 4,303.06, while the tech-rich Nasdaq Composite Index shed 1.9 percent to 12,919.52.

The selloff followed hawkish remarks Thursday from Fed Chair Jerome Powell, who signaled that the central bank could enact a half-point rate increase in May, twice the level of typical Fed hike.

“There’s high anxiety over how aggressive the Fed is going to be,” said Art Hogan, strategist at National Securities, adding that investors were also looking to lessen equity exposure ahead of the weekend.

Losses were broad-based, with all 11 indices of the S&P 500 in the red. — Agence France-Presse

 

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