Home Editor's Picks Dow poised to confirm bear market status as recession fears mount

Dow poised to confirm bear market status as recession fears mount

by

Dow poised to confirm bear market as recession fears mount By Reuters

Breaking News

‘;

Stock Markets 1 hour ago (Sep 23, 2022 01:16PM ET)

(C) Reuters. FILE PHOTO: A screen charts the Dow Jones Industrial Average during the trading day on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 24, 2022. REUTERS/Brendan McDermid

By Medha Singh

(Reuters) -The blue-chip Dow Jones Industrial Average fell 20% from its peak close in January and was on track to confirm a bear market on Friday, as investors shunned risk assets on fears of a recession triggered by a rapid pace of interest rate hikes.

If the index closes 20% below its all-time closing high of 36,799.65 points hit on Jan. 4, it would confirm a bear market, according to a widely used definition.

The Dow would be the last of the three main indexes to confirm a bear market. The S&P 500 hit that milestone in June and the Nasdaq in March.

The three main indexes were also testing their June lows, a fall below which would push them to the levels last seen nearly two years ago. The Dow and the S&P 500 hit a near two-year low during the session on Friday.

The renewed selling pressure comes in a week that saw the U.S. Federal Reserve raise interest rates by three-quarters of a percentage point for a third straight time this year and a vow to keep going until inflation is tamed.

It has been a tumultuous year for Wall Street with Russia’s invasion of Ukraine also adding to investors woes.

The Dow is down 19% this year, while the S&P 500 has lost 23% and the Nasdaq has shed 31%.

Heightened fears of a U.S. downturn next year and its impact on corporate profits has prompted brokerages to downgrade their year-end price targets for the S&P 500.

At 13:00 p.m. ET, the Dow Jones Industrial Average was down 597.85 points, or 1.99%, at 29,478.83, the S&P 500 was down 79.06 points, or 2.10%, at 3,678.93, and the Nasdaq Composite was down 231.84 points, or 2.09%, at 10,834.96.

Dow poised to confirm bear market as recession fears mount

Mercedes-Benz not planning any acquisitions, CEO saysBy Reuters – Sep 23, 2022

BERLIN (Reuters) – Mercedes-Benz is not currently looking at acquisitions as a means to carry out its strategy of repositioning the carmaker as a luxury firm, chief executive Ola…

Tesla countersues California agency behind race bias lawsuitBy Reuters – Sep 23, 2022

By Daniel Wiessner (Reuters) – Tesla (NASDAQ:TSLA) Inc on Thursday countersued the California agency that has accused the electric carmaker of tolerating widespread race…

Judge rules in favor of U.S. Sugar purchase of Imperial, rejects antitrust concernsBy Reuters – Sep 23, 2022

By Diane Bartz WASHINGTON (Reuters) – A U.S. judge on Friday ruled in favor of U.S. Sugar Corp’s plans to buy rival Imperial Sugar Co, rejecting a Justice Department argument that…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News