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A disastrous third quarter .. and “Dow Jones” below 29 thousand points
October 1, 2022
14:43 pm
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one minute
Wall Street’s three major indices slid sharply in the weekend, month, and quarter session, and the Standard & Poor’s closed its biggest fall in September in two decades at the end of a turbulent quarter dominated by historically high inflation and sharp interest rate hikes. A recession looms.
The Dow Jones incurred losses for the third week in a row, and the three indices recorded a decline for the second month in a row.
In the first nine months of 2022, Wall Street incurred three consecutive quarterly losses, the longest losing streak for the S&P and Nasdaq since 2008. On a quarterly basis, Standard & Poor’s and Nasdaq incurred 5.3% and 4.3%. 1% respectively.
The Dow Jones suffered its longest quarterly decline in seven years, and Friday fell below 29,000 points for the first time since November 2020. The index fell 6.7% in the third quarter.
The Federal Reserve shook the markets by imposing a series of sharp interest rate increases in order to curb high inflation, which made many market participants await the release of key economic data in search of indications of a looming recession.
(agencies
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