Wall Street stocks close sharply lower

Wall Street tanked in a broad sell-off on Thursday , as investor risk appetite was dashed by worries that the Federal Reserve’s restrictive monetary policy will remain in place for longer than anticipated.touched a 16-year peak the day after Fed chairman Jerome Powell warned inflation still has a long way to go before approaching the central bank's 2% target.

Interest rate-sensitive megacaps, led by Amazon.com, Nvidia Corp, Apple Inc and Alphabet Inc dragged the S&P 500 and the Nasdaq to their lowest closing levels since June. “If you do have rates higher for longer, you have more strain on the system and more pressure on the economy,” said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. “It gives people another chance to say that the lag time of higher rates – which we're just starting to feel – might really bite.”

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US stocks close lower as investors take cover ahead of Fed decisionNEW YORK, Sept 20 ― Wall Street lost ground yesterday, with risk-off sentiment weighing as the US Federal Reserve convened for its much-anticipated two-day monetary policy...
Source: malaymail - 🏆 1. / 86 Read more »

Dollar rallies, US stocks fall as Fed signals it could hike again in 2023NEW YORK, Sept 21 — Wall Street stocks dropped and the dollar rallied Wednesday after the Federal Reserve kept interest rates unchanged, but signalled it could lift them again...
Source: malaymail - 🏆 1. / 86 Read more »

Nasdaq slides over 1pc as growth stocks fall after hawkish Fed drives up yieldsNEW YORK, Sept 21 — Nasdaq led declines in key Wall Street indexes today as a jump in Treasury yields knocked down growth stocks after the Federal Reserve signaled that...
Source: malaymail - 🏆 1. / 86 Read more »