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Wall Street slammed as recession worries mount - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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U.S. stock indexes tumbled on Thursday, with growth shares bearing the brunt of the selloff, after the Federal Reserve’s largest rate increase since 1994 to combat decades-high inflation fanned worries of a recession.

Traders work on the floor of the New York Stock Exchange in New York City, U.S. June 14, 2022. REUTERS/Brendan McDermid/File PhotoTraders work on the floor of the New York Stock Exchange in New York City, U.S. June 14, 2022. REUTERS/Brendan McDermid/File Photo

By 09:56 a.m. ET, all the Dow components were in the red, while 496 constituents of S&P 500 index fell. “We view it as increasingly likely that a recession and higher unemployment will be necessary to tame inflation: with such a gloomy macro picture looming over the markets,” said Geir Lode, head of global equities at Federated Hermes Ltd.The S&P 500 is down 22.6% year-to-date and is in a bear market as investors grapple with a sharp slowdown in growth. The Nasdaq Composite and the S&P 500 indexes were set to mark their 10th weekly decline in the past 11 weeks.

 

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