Dow tumbles 700 points into bear market territory, sets a new low for the year

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Stocks fell Friday morning as investors continued responding to the Fed's decision.

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Bear in mind, the Dow first closed above 30,000 on Nov. 24, 2020 , and went on to reach an all-time intraday high that very nearly touched 37,000 back in the first week of January this year.

The wholesale retailer said it's seeing higher freight and labor costs and reported operating margins slightly below consensus expectations.The dollar index hit its highest level since 2002. The Dow Jones Industrial Average fell by 340 points, or 1.1%, touching below its June closing low and the 30,000 level. The S&P 500 slid 1.3% and the Nasdaq Composite lost 1.2%.Oil hit a trading low of $79.64 per barrel Friday, marking the first time since early January it has traded below $80 per barrel.

"A lot of people can't get done what they want to get done, so they're getting done what they can get done.

Citi suggests investors take a defensive stance to play this uncertain market. The bank maintains a long position in healthcare, replacing its previous position in communication with utilities and staying short on financials and industrials.All the major averages are slated to end the week with losses ahead of Friday's trading session, with the Dow on track to break below its June closing low.Down 17.2% this year, 2.4% for the weekDown about 3% for the week, 21.1% this yearDown 3.

 

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Thanks 81+

This is ALL ON JOE BIDEN

😏

Of course it did did you expect another outcome?

This entire drop is an orchestrated sham by WS hedge funds

This entire drop is an orchestrated sham by WS hedge funds

GamronBenjamin are inflationary bear market good for elections?

Inflation reduction act really works! Right, AOC ?

If interest rates were the real cause of inflation, the US would have seen inflation 2008-2015 when the FFR was 0% for 7 years. But there was none. That’s why fighting inflation with higher rates makes no sense. It’s about money supply, not rates. Replace J Powell.

Are we still building back better? Asking for my 401.

Not sure how they Fidelity) can continue to say hold while my IRA continues to sink!

Dark Brandon strikes again!

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