US mostly lower at close on economic uncertainty

Tuesday, 27. September 2022 22:00

Major stock exchanges on Wall Street wrapped up the trading session on Tuesday mostly lower as economic uncertainties seemingly pushed the equities into volatile trading, with Dow Jones Industrial Average falling into a bear market and the S&P 500 nearing new lows in 2022.

The Federal Reserve emphasized that it would not lower interest rates in the event that the nation's economy weakened, with the country's terminal interest rate expected to peak at roughly 4.5%, as surging prices of energy, housing, and food drive the country's inflation "far-too-high."

The Dow Jones Industrial dropped 123 points or 0.42%, losing 19.82% year to date. McDonald's Corporation was the index's worst performer, falling 2.90%. The Nasdaq rose by 0.16%, with Micron Technology Inc. jumping by 3.48%. The S&P 500 plummeted by 0.20%, as Digital Realty Trust Inc. slumped by 3.98%.

The euro dropped 0.19% against the American currency, to change hands to $0.95907 at 3:57 pm ET.

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Author:
Baha Breaking News (BBN) / AB