Most stocks and sectors closed down Thursday in a massive and broad market selloff that thrashed media and tech shares from big showbiz conglomerates to Amazon, Apple and Meta to Roku, Endeavor, Cinemark and the New York Times.With the trading day done, the Dow 30 is down more than 3% having shed over 1,100 points (and more than 1,200 at its day low).
The Nasdaq was the hardest hit, off 5%, with the S&P 500 and Russell 2000 lower by, respectively, 3.6% and 4.87%. Stocks and bonds were both lower.Markets have been highly volatile.
Yesterday, major indexes rallied strongly as the Federal Reserve announced a half percentage point hike in interest rates — the biggest in two decades — to curb runaway inflation that had hit highs not seen since been 1981.
Inflation, along with the Russia-Ukraine War, supply-chain issues and lingering Covid have whipsawed investor sentiment this year in recent weeks.Today the market’s euphoria was replaced by fear.
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