NEW YORK, Sept 17 — Wall Street stocks dropped again Friday amid recession worries, adding to the week’s losses in anticipation of more aggressive central bank efforts to counter inflation.
Markets were unnerved by weak FedEx earnings as the company’s chief executive warned of a “worldwide recession” in an interview on CNBC.
Shares of FedEx plunged more than 20 per cent after the company said it is closing stores, freezing hiring and parking aircraft.
Tom Cahill of Ventura Wealth Management called the FedEx statements a major factor in the market pullback, adding “the trend in the data is heading in the wrong direction. (...) it looks as if consumers are starting to take a step back. “
The S&P 500 finished at 3,873.33, down 0.7 per cent for the day and nearly five precent for the week.
The Dow Jones Industrial Average dropped 0.5 per cent to 30,822.42, while the tech-rich Nasdaq Composite Index shed 0.9 per cent to 11,448.40.
Investors are poised for another steep rate hike from the Federal Reserve next week, of at least three-quarters of a per cent, although some economists have raised the possibility of an even more aggressive step.
Among other companies, Uber shed 3.6 per cent after it disclosed a “cybersecurity incident,” declining to comment on reports that a young hacker had gained access to the ride-hailing company’s computer network. — AFP
Source: Malay Mail
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment