Markets

Dow Jones tumbles over 400 points

2022-09-23 14:23:06 GMT (Economies.com)

US stock indices lost ground on Friday on track for weekly losses amid concerns about a global recession.

 

The concerns come on the heels of aggressive policy tightening this week by the Federal Reserve and other global central banks to control runaway inflation. 

 

Such decisions raise worries about a global recession, which will impact demand on commodities and services, as well spending patterns. 

 

Earlier data showed US services PMI rose to 49.2 in September from 43.7 in the previous reading, beating estimates of 45.5. 

 

The manufacturing PMI rose as well to 51.8 from 51.5, while analysts expected a dip to 51.0.

 

Dow Jones fell 1.4%, or 418 points to 29,659, while S&P 500 declined 1.7%, or 54 points to 3,692, as NASDAQ gave up 1.8%, or 217 points to 10,845. 

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