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On Thursday, the Dow Jones Industrial Average fell 741.46 points, or 2.42%, while the S&P 500 fell 3.25% and the Nasdaq Composite dropped 4.08% as Wall Street was hit hard just one day after the Federal Reserve raised interest rates by 0.75% in an effort to control inflation. The Federal Reserve concluded a two-day policy meeting on Wednesday and and raised interest rates by 0.75%, something it had not done in nearly 30 years. The move was widely expected by most analysts and is seen as a necessary measure to get a better handle on rising inflation.
The blue-chip Dow fell to 29,927.07 points, falling below 30,000 for the first time since January 2021, while the S&P and Nasdaq were both in bear market territory, or 20% down from a recent record, down 24% and 34% respectively. All three major indexes were on track to post losses for the week with the Nasdaq down 6.1%, while the S&P has fallen 6% and the Dow has dropped 4.7% for the week.
Intel stock fell 3.39%, Walgreens dropped 2.6%, 3M fell 2.45%, Home Depot declined 2.24% and JPMorgan chase slid 1.72% as all of the stocks fell to 52-week lows on Thursday. Tech stocks receded from a two-day rally with Tesla falling 8.54%, Nvidia dropping 5.6%, Apple declining 3.97%, Netflix sliding 3.75% and Amazon closing down 3.72%%.
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