As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by WashingtonExaminer:
The stock market took a battering Wednesday, extending the past few months’ losses as inflation lashes the economy and the Federal Reserve hikes interest rates.
The Dow Jones Industrial Average lost more than 1,100 points, or 3.5%, the worst single-day loss since the COVID-19 pandemic struck in the spring of 2020. The tech-heavy Nasdaq plummeted by about 4.7%, and the S&P 500 closed down more than 4%.
The article goes on to state the following:
Major retailers Target and Walmart posted earnings that were below forecast expectations, with both companies blaming the drops on higher fuel and labor costs. Target shed more than a quarter of its value in a single day, while Walmart was off by about 7.3% Wednesday after losing nearly 11.4% the day before.
The S&P 500 fell by 4% on Wednesday and the Nasdaq shed nearly 5% as investors reacted to a weak first quarter earnings report by Target.
According to the report, Dollar Tree fell 14% and Dollar General slumped 11%. Best Buy fell 11% and Amazon declined 7.2%. Technology stocks also fell broadly. Apple lost 5.6%.
Microsoft, Alphabet, Facebook and Tesla all fell between 3.9% and 7%.
According to AAA, the national average price for a gallon of gasoline hit a record $4.57, all together causing economists to be concerned about the possibility of a recession.
The continuous rise in inflation has also sparked concern over the amount of money the US continues to spend in Ukraine as the region deals with the ongoing invasion by Russia.
“The Stock Market just had its worst day since June 2020 Gas Prices just hit an all-time high,” Charlie Kirk tweeted. “Babies are being hospitalized because of a nationwide formula shortage Inflation is hitting record levels Explain to me why we would send $40B to Ukraine when America looks like this?”
The Stock Market just had its worst day since June 2020
Gas Prices just hit an all-time high
Babies are being hospitalized because of a nationwide formula shortage
Inflation is hitting record levels
Explain to me why we would send $40B to Ukraine when America looks like this?
— Charlie Kirk (@charliekirk11) May 18, 2022
The stock market took a battering Wednesday, extending the past few months’ losses as inflation lashes the economy and the Federal Reserve hikes interest rates.https://t.co/1K012ukIyf
— Washington Examiner (@dcexaminer) May 18, 2022
Dow sheds 1,164 points in worst day since 2020 https://t.co/2D4cChGbat
— Fox News (@FoxNews) May 18, 2022
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To get more information about this article, please visit WashingtonExaminer.