Dow Fell Over 1000 Points on Thursday, European Stocks Down Except for The FTSE 100 in The UK.
London, Thursday, 5 May 2022
US Markets Summary
Despite Fed Chair Jerome Powell's less hawkish tone, investors continue to bet on bigger interest rate hikes to rein in inflation and worry about the impact on growth.
The Dow fell over 1000 points and the Nasdaq fell nearly 5%, their biggest daily drop since 2020, while the S&P 500 fell 3.6 percent.
High-growth stocks took the brunt of the losses, with Apple and other tech titans like Amazon, Microsoft, and Tesla falling between 5% and 8%.
European Markets Summary
Except for the FTSE 100 in the United Kingdom, European stock markets ended the fourth trading day of the week with a loss.
On Thursday, the Bank of England (BoE) hiked its interest rate by 25 basis points to 1%, the highest level since 2009.
The move was supported by six of the nine members of the Monetary Policy Committee, while three voted for a hike of 50 basis points, according to the Bank of England.
The policy rate in the UK has now raised for the fourth time since December of last year.
The DAX 30 index in Germany sank 0.49 percent to 13,902.52 points, while the CAC 40 index in France fell 0.43 percent to 6,368.40 points.
The FTSE MIB 30 index in Italy fell 0.60 percent to 23,759.71 points, while the FTSE 100 index in the United Kingdom rose 0.13 percent to 7,503.27 points.
(Written and edited by: The Decision Maker)