Published on 26 Sep 2022 on Zacks via Yahoo Finance
Wall Street’s mayhem continued on Friday as U.S. stock markets closed sharply lower. Market participants are highly concerned about an imminent recession in the U.S. economy and globally. Despite adopting an extreme-hawkish monetary stance, the Fed failed to control soaring inflation. All the three major stock indexes ended deep in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) tumbled 1.6% or 486.27 points to close at 29,590.24. The blue-chip index posted its lowest closing and intraday session low in 2022. The index is currently on the verge of entering bear market territory falling 19.9% from its recent high. Notably, 28 components of the 30-stock index ended in negative territory while 2 in green.