U.S. stock indexes extended losses in early afternoon trade Thursday on worries that the Federal Reserve's relentless interest rate hikes will tip the economy into a recession. The Dow Jones Industrial Average fell 927 points, or 2.7%, to 33,042, on track to book its biggest daily decline in over two months.
The S&P 500 slumped 2.8%, while the Nasdaq Composite dropped 3.4%, both heading for their worst days since September. The Federal Reserve hiked its interest rate by half a percentage point on Wednesday, with the benchmark rate projected to top out at 5.25%, higher than their September forecast of 4.75%. On Thursday,...
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Strategists are gloomy on 2023 corporate earnings — and S&P 500 price targetsThe problem for stocks in 2023 is the extent of a recession, and the extent of the earnings decline.
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