The Dow Jones average closed at its lowest point of the year Friday as markets sold off around the world on mounting signs the economy is weakening.
Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates.The S&P 500 fell 1.7%, close to its 2022 low.Treasury yields, which affect rates on mortgages and other kinds of loans, held at multiyear highs.
The Federal Reserve and other central banks around the world aggressively hiked interest rates this week in hopes of undercutting high inflation, with more big increases promised for the future. But such moves also put the brakes on their economies, threatening recessions as growth slows worldwide. Besides Friday’s discouraging data on European business activity, a separate report suggested U.S. activity is also still shrinking, though not quite as badly as in earlier months.
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