s&p500 -3.55%
dow30 -3.11%
nasdaq100 -5%
U.S. stocks sank Thursday, giving back gains after a rally on Wall Street on Wednesday, as traders continued to contemplate the Federal Reserve's latest monetary policy decision.
The S&P 500, Dow and Nasdaq dropped sharply, with losses accelerating during intraday trading. Tech stocks underperformed, and the Nasdaq sank by more than 5% in the final hour of trading. The Dow shed more than 1,000 points for the first time since June 2020. A day earlier, the blue-chip index posted it best single-session gain since May 2020, rising 2.99%. The Nasdaq Composite surged by 3.2%, and the Dow added more than 900 points, or 2.8%.
The moves came in the wake of the Federal Reserve's first half-point rate hike since 2000, as the central bank took a notable step to address inflation currently running at its hottest rates in 40 years. The central bank also laid out its plans to begin rolling assets off its $9 trillion balance sheet starting June 1. The pace of this announced balance sheet reduction largely matched Wall Street's expectations heading into Wednesday's Fed statement.
https://ca.finance.yahoo.com/news/stock-market-news-live-updates-may-5-2022-221907800.html
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