[Red State] Grim news on the markets as they closed out the week sharply lower. The Dow Jones Industrial Average ended Friday at 29,665, though it dipped down to 29,250 earlier in the day. The NASDAQ Composite closed the day at 10,868; the S&P 500 at 3,693.The AP reports:
Stocks tumbled worldwide Friday on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional interest rate hikes.Not a very encouraging sign, despite the recent passage of the "Inflation Reduction Act." Friday’s dismal Wall Street news, of course, comes on the heels of the Federal Reserve’s 75-basis-point rate hike, announced Wednesday.
The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020. The S&P 500 fell 1.7%, close to its 2022 low set in mid-June, while the Nasdaq slid 1.8%.
The selling capped another rough week on Wall Street, leaving the major indexes with their fifth weekly loss in six weeks.
Per the Washington Post:
The full weight of the Fed’s actions since March — pushing a key interest rate up by 3 percentage points already, with more increases still to come — may not be felt until later this year or next. But financial markets are taking in the central bank’s promise and sending alarms back out — making clear that no matter how many times Fed officials say they’re going to do whatever they can to crush inflation, the idea still roils Wall Street.
The Post, of course, is also concerned about the potential negative ramifications (for Democrats) in the midterms: