Dow extends losses, plunges 650 points

Friday, 07. October 2022 20:28

Markets on Wall Street extended losses on Friday with the Dow Jones Industrial Average tumbling more than 650 points. The selloff comes after the latest United States jobs report which showed the unemployment rate is continuing to decline, thus prompting Treasury yields to jump and inciting fears the Fed will continue to hike interest rates.

The Dow Jones slid 2.18% or 653 at 2:27 pm ET. Microsoft and Intel led the losses, as shares of both tech giants plunged more than 5%.

The Nasdaq 100 plummeted 3.88% and the S&P 500 slumped 2.91% at 2:32 pm ET with AMD, down 12.84%, as the worst performer on both indexes.

The euro fell 0.47% against the dollar to go for 0.97451 at 2:33 pm ET.

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Author:
Baha Breaking News (BBN) / NP