Home Business News Wall Street takes a hit over recession fears

Wall Street takes a hit over recession fears

by LLB Politics Reporter
15th Aug 19 11:03 am

Wall Street took a beating on Wednesday over fears of a recession sparked a painful day across the US financial markets.

The global slowdown has been affected as China and Germany have forecast weak economic data, spooking investors who have dumped stocks, sending the Dow Jones Industrial Average skidding by 800 points.

Tech stocks and banks led the sell-off and the S&P 500 index fell by almost 3%, erasing all gains from the previous day.

The US trade war with China has seen a return of volatility to the stock market in August and the Dow fell by more than 5% whilst the S&P 500 went down by 4%.

The Nasdaq composite lost 242.42 points, or 3%, to 7,773.94, the Dow sank 800.49 points, or 3%, to 25,479.42, and the S&P 500 fell 85.72 points, or 2.9%, to 2,840.60.

Kevin Giddis, head of fixed income capital markets at Raymond James, wrote in a report, “The bad news for global economies is stacking up much faster than most economists thought, so trying to keep up is exhausting.”

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