NEW YORK May 10 — Stock indexes around the world fell sharply, oil prices sank about 6 per cent and the dollar finished just off a 20-year high as investors fled risk and sought safe havens due to worries about inflation and slower global economic growth.
US stocks extended Friday’s bruising sell-off as investors rushed to protect themselves against the prospect of a weakening economy. Central banks in the United States, Britain and Australia raised interest rates last week, and investors girded for more tightening as policymakers fight soaring inflation.
The Dow Jones Industrial Average fell 653.67 points, or 1.99 per cent, to 32,245.7, the S&P 500 lost 132.1 points, or 3.20 per cent, to 3,991.24 and the Nasdaq Composite dropped 521.41 points, or 4.29 per cent, to 11,623.25. MSCI’s gauge of stocks across the globe shed 3.09 per cent yesterday after hitting its lowest level since December 2020, while emerging market stocks lost 1.63 per cent.Investors focused China’s zero-Covid policy. Shanghai tightened its lockdown for 25 million residents, feeding concerns about supply chain problems for global technology companies that manufacture in China.
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