Wall Street at lowest level since 2020 due to recession fears

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Stock markets around the world ended the week with significant losses. In New York, the Dow Jones Industrial Average fell 1.6 percent from a day earlier, to its lowest level since the end of 2020.

Fears of a recession have been pushing prices down for weeks. That fear is compounded by recent interest rate hikes and the new UK government’s budget plans announced today. Investors are worried that inflation will continue to rise.

For a long time, it seemed that the Dow Jones index would yield even more over the past day, but the loss ultimately came to 1.6 percent. On a weekly basis, the rate was 4 percent lower. The other leading indices on Wall Street also closed lower than yesterday: the S & P 500 1.7 percent and the Nasdaq 1.8 percent.

Red tide in Europe too

Earlier in the day, the fairs in Europe also ended in red. In Amsterdam, the AEX closed 2.8 percent lower at 639.28 points and other leading exchanges such as those in Frankfurt, Milan and London showed similar figures.

Shell was the biggest loser of the AEX companies in Amsterdam with a minus of 7 percent. Stocks are down due to the drop in oil prices. In addition, the oil and gas company announced today that it is discontinuing a large lng project in the United States.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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