The Dow Jones Industrial Average fell by more than 700 points Thursday as worries grow over an impending recession.
Thursday’s 764.13-point drop was the worst day for the industrial average in nearly three months and comes as the Federal Reserve continues to raise interest rates.
JOBLESS CLAIMS FALL IN SIGN LAYOFFS ARE RARE DESPITE FED RATE HIKES
The Dow Jones Industrial Average is a stock market index that follows 30 of the largest, most financially stable, and well-established companies on the New York Stock Exchange.
The Nasdaq composite, which includes all the companies on the Nasdaq exchange, such as Apple, Meta, and Amazon, among others, fell by roughly 360.36 points Thursday, falling by more than 30% since the beginning of the year.
The Fed announced a half-percentage point interest rate hike Thursday as inflation remains high.
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Despite the announcement by the Fed, jobless rates dropped slightly this week, indicating jobs are likely still being created despite recession fears.
