Amid warnings of recession, Wall Street closes lower

Wall Street ended lower Thursday, following extending losses in late trading, as a slew of economic data failed to alter the expected course of policy tightening by the Federal Reserve amid growing warnings of a global recession.
Selling accelerated at the end of the session, and leading shares, including Microsoft, Apple and Amazon, pressured the Nasdaq index, which is filled with technology stocks.

Interest rate-sensitive banking stocks helped ease pressure on the Dow Jones Index.

A mixed batch of economic data, led by better-than-expected retail sales, boosted the likelihood of a further 75 basis point rate hike at the conclusion of the Federal Reserve’s monetary policy meeting next week.

According to preliminary data, the Standard & Poor’s 500 index fell by 44.40 points, or 1.13%, to close at 3901.61 points, while the Nasdaq Composite lost 166.19 points, or 1.42%, to fall to 11553.49 points. The Dow Jones Industrial Average fell 173.24 points, or 0.56%, to 30,961.85 points at the close.