Wall Street closed lower due to economic data that supports the trend to raise interest rates by banks.
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Wall Street Stock
Wall Street closed lower on Wednesday, with investors expecting the latest economic data to do nothing to dissuade the Federal Reserve from its aggressive interest rate hike to curb inflation.
The data showed that while US job opportunities declined in April, they remained at high levels, indicating continued wages contributing to rising inflation as companies scramble to hire employees.
Industrial activity in the United States also rose at a faster-than-expected pace in May.mayo With continued strong demand for goods, which ease of concerns regarding an impending recession.
According to preliminary data, the “Standard & Poor’s” 500 index fell by 31.6 points, or 0.75 percent, to 4101.09 points. The Nasdaq Composite Index fell 88.36 points, or 0.73 percent, to 11,993.03 points. The Dow Jones Industrial Average fell 179 points, or 0.54 percent, to close at 32,811.12 points.