US stocks plunged on Thursday, with the S&P 500 erasing all of the gains generated in 2021, as investors continue to digest recent interest …
US stocks plunged on Thursday, with the S&P 500 erasing all of the gains generated in 2021, as investors continue to digest recent interest rate hikes by global central banks and worry about the imminent threat of an economic
recession. The
Federal Reserve Bank of Atlanta’s second-quarter GDPNow growth forecast fell to 0% on Thursday, which would put the US economy on the brink of a recession after a first-quarter GDP contraction. The Fed hiked interest rates by 75 basis points on Wednesday, the biggest interest increase since 1994, as Fed Chair Jerome Powell reiterated his main objective is to tame rising inflation while avoiding a recession. So far this week, central banks in the UK, Switzerland, Taiwan and Brazil all raised interest rates as well. Here’s where US indexes stood at the 4:00 p.
