Dow tumbles 1,000 points, Nasdaq loses 5 percent in worst day since 2020 [View all]
Source: NBC News
Stocks suffered their worst day of the year on Thursday, pulling back sharply and completely erasing a rally from the prior session in a stunning reversal that deepened the market’s losses for 2022.
The Dow Jones Industrial Average lost 1,120 points, or 3.3 percent. The S&P 500 and Nasdaq Composite fell 3.7 percent and 5.2 percent, respectively.
The moves come after a major rally for stocks on Wednesday. The Dow surged 932 points, or 2.81 percent, and the S&P 500 gained 2.99 percent for their biggest gains since 2020. The Nasdaq Composite jumped 3.19 percent.
Those gains had all been erased before noon in New York on Thursday.
“If you go up 3 percent and then you give up half a percent the next day, that’s pretty normal stuff. ... But having the kind of day we had yesterday and then seeing it 100 percent reversed within half a day is just truly extraordinary,” said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.
Read more: https://www.nbcnews.com/business/markets/markets-tumble-day-after-federal-reserve-interest-rate-hike-rcna27513?share=facebook
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