Thursday, 23 May 2024

Wall Street sharply decline on rising inflation and geopolitical concerns


US stocks witnessed heavy selling on Friday after weak results from major US banks at the end of a week that witnessed the release of data indicating continued rise in inflation and new expectations regarding the policy of the Federal Reserve (the US central bank), as well as looming geopolitical tensions on the horizon.

According to Reuters, the three main indices fell by more than 1% and recorded losses during the week.

According to preliminary data, the Standard & Poor’s 500 index lost 75.46 points, or 1.45 percent, to close at 5,123.60 points, while the Nasdaq Composite index fell 266.50 points, or 1.62 percent, to 16,175.09 points.

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The Dow Jones Industrial Average fell 478.29 points, or 1.24%, to 37,980.79 points.