Wall Street plunges as recession fears grow
- All 11 S&P sectors lower
- Growth stocks tumble
- Defensive names resist selling pressure
- Dow down 2.42%, S&P 500 down 3.25%, Nasdaq down 4.08%
- Growth stocks tumble
- Defensive names resist selling pressure
- Dow down 2.42%, S&P 500 down 3.25%, Nasdaq down 4.08%
U.S. stock indexes closed sharply lower on Thursday in a broad sell-off as recession fears grew following moves by central banks around the globe to stamp out rising inflation after the Federal Reserve's largest rate hike since 1994.
The benchmark S&P 500 suffered its sixth decline in seven sessions. Stocks had rallied on Wednesday as the Fed delivered an aggressive 75 basis point rate hike, as expected, to help the index snap its longest daily losing streak since early January.
But rate hikes by Switzerland and Britain on Thursday reignited fears that attempts by central banks to curb inflation could lead to sharply slower growth worldwide or a recession.
The $Dow Jones Industrial Average(.DJI.US$ fell 741.46 points, or 2.42%, to 29,927.07, the $S&P 500 Index(.SPX.US$ lost 123.22 points, or 3.25%, to 3,666.77 and the $Nasdaq Composite Index(.IXIC.US$ dropped 453.06 points, or 4.08%, to 10,646.10.
Each of the 11 major S&P sectors were lower, although the defensive consumer staples was outperforming the broader market as names like $Walmart(WMT.US$, $General Mills(GIS.US$ and $Procter & Gamble(PG.US$ were among the few advancers as only 14 S&P 500 components finished higher for the session.
Growth stocks were hit hard with the S&P growth index down 3.75% while the Nasdaq Composite saw its fifth decline of 4% or more since the start of May. $Tesla(TSLA.US$ $Apple(AAPL.US$ $SPDR S&P 500 ETF(SPY.US$ $Invesco QQQ Trust(QQQ.US$
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