Dow Closes at New Low for 2022

Index falls nearly 500 points in another brutal day on Wall Street
By Newser Editors and Wire Services
Posted Sep 23, 2022 3:12 PM CDT
Dow Closes at New Low for 2022
American flags fly outside the New York Stock Exchange Friday, Sept. 23, 2022, in New York.   (AP Photo/Mary Altaffer)

Stocks plunged again on Wall Street and worldwide Friday on more signs the global economy is weakening. The bleak numbers:

  • The S&P 500 fell 64 points, or 1.7%, to 3,693.
  • The Dow fell 486 points, or 1.6%, to 29,590.
  • The Nasdaq fell 198 points, or 1.8%, to 10,867.

Notably, the Dow gave up the milestone of 30,000 and fell to a new low for 2022, reports CNBC. At one point, the Dow was down more than 800 points and in bear territory. European stocks fell just as sharply or more after preliminary data there suggested business activity had its worst monthly contraction since the start of 2021, per the AP. The Federal Reserve and other central banks around the world aggressively hiked interest rates this week in hopes of undercutting high inflation, with more big increases promised for the future. But such moves also put the brakes on their economies, threatening recessions as growth slows worldwide.

“Financial markets are now fully absorbing the Fed’s harsh message that there will be no retreat from the inflation fight,” said Douglas Porter, chief economist at BMO Capital Markets. Crude oil prices tumbled to their lowest levels since early this year on worries that a weaker global economy will burn less fuel. Cryptocurrency prices also fell sharply because higher interest rates tend to hit hardest the investments that look the priciest or the most risky.

(Read more stock market stories.)

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