Name: Stocks sink on Wall Street fears of higher rates for longer
Uploaded: 2023-09-24T03:27:31+00:00
Duration: 1 min 36 s
Description: Stocks experienced a decline on Friday, concluding the week with losses following the Federal Reserve’s indication of prolonged higher interest rates. The S&P 500 (^GSPC) recorded a 0.2% decrease, whi

1 year ago

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Stocks experienced a decline on Friday, concluding the week with losses following the Federal Reserve’s indication of prolonged higher interest rates.

The S&P 500 (^GSPC) recorded a 0.2% decrease, while the Dow Jones Industrial Average (^DJI) retreated by approximately 0.3%, equivalent to 100 points. The tech-centric Nasdaq Composite (^IXIC) posted a slight 0.09% decline.

In recent days, market sentiment has turned cautious as it assessed the consequences of the Fed’s commitment to maintaining elevated borrowing costs as a means to combat inflation.

Federal Reserve Chair Jerome Powell’s comments did little to instill confidence that the U.S. economy would escape a potential recession, Yahoo Finance reported.

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