Dow Jones Closes At 2022 Low As Investors Pull Back In 'Uniquely Challenging Period'

Markets are reacting poorly to newly announced Fed measures this week to raise interest rates, fanning fears of a global recession that is becoming more palpable.

• The Dow Jones reached its lowest close of 2022, losing 486 points, or 1.62%, to close at 25,590. The 30-company index broke the 30,000 level for the second time this year for a 3.69% loss this week and 19.12% since January. 
• The S&P 500 lost 1.72% to close at 3,693. The index is down more than 4% since Monday and 23% year-to-date. 
• The Nasdaq Composite was down 1.8% at the close for a drop of 3.69% on the week and 19.12% since January. 

Yields for Treasury bonds continue to rise, with the two-year note settling comfortably above the 4% mark at 4.2%.

Federal Reserve Chair Jerome Powell said at a “Fed Listens” event on Friday that his agency continues its work to recover from the pandemic in what he termed a “uniquely challenging period.”

Photo by Ussama Azam on Unsplash.