Dow falls 550 pts at close with inflation data in focus

Thursday, 31. March 2022 22:00

Stock exchanges in the United States accelerated losses as the Thursday trading session came to an end after the annual increase in the PCE price index excluding food and energy, which the Federal Reserve prefers as a key inflation indicator and uses when setting monetary policy, came in at the highest level in nearly 40 years in February 2022. Also, the US announced it will release one million barrels per day from the Strategic Petroleum Reserve (SPR) in the upcoming six-month time span along with other policy moves, causing US oil prices to drop sharply.

The Dow Jones Industrial Average index closed with a 1.56% or a 550-point loss as Walgreens Boots Alliance fell 5.67%. The Nasdaq 100 decreased 1.55% at the close, pulled down mostly by China-based companies, including Pinduoduo, Baidu and JD.com. The S&P 500 was 1.57% lower at the end of trading with AMD, its worst performer, tumbling 8.29%.

The euro was 0.86% down compared to the dollar, going for 1.10623 at 3:59 pm ET.

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Author:
Baha Breaking News (BBN) / MS