US stocks drop on rising recession fears

24 Sep 2022 , 11:37 AM

The Dow Jones Industrial Average tumbled 486.27 points, or 1.62%, to 29,590.41. The S&P 500 slid 1.72% to 3,693.23, while the Nasdaq Composite dropped 1.8% to 10,867.93. The selling capped another rough week on Wall Street, leaving the major indexes with their fifth weekly loss in six weeks. Energy prices closed sharply lower as traders worried about a possible recession. Treasury yields, which affect rates on mortgages and other kinds of loans, held at multiyear highs. The US stock market finished in negative territory for fourth consecutive session on Friday, 23 September 2022, on increased worry about a global economic slowdown brought on by aggressive interest rate hikes by central banks around the world. Powered by Capital Market – Live News