(DCWatchdog.com) – BREAKING NEWS: Given the current state of the economy in the United States of America, the last thing the country needs is a tumbling stock market. Unfortunately, that is happening again today on what may be the worst day for stocks this year.
As CNBC is reporting in, “Dow tumbles 1,000 points, Nasdaq loses nearly 5% in worst day of the year for stocks“:
“Stocks suffered their worst day of the year on Thursday, pulling back sharply and completely erasing a rally from the prior session in a stunning reversal that deepened the market’s losses for 2022.
“The Dow Jones Industrial Average lost 1,100 points, or more than 3%. The S&P 500 and Nasdaq Composite fell 3.7% and 4.9%, respectively.” [emphasis added]
And as one expert remarked:
“If you go up 3% and then you give up half a percent the next day, that’s pretty normal stuff. … But having the kind of day we had yesterday and then seeing it 100% reversed within half a day is just truly extraordinary,” said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.” [emphasis added]
Is the United States headed for a major recession after the first quarter of the year came in with negative growth?
Most financial experts and advisors are predicting a significant recession. They point to the impact that will result from the Federal Reserve continuing to push interest rates higher in an attempt to bring historic inflation under control as one factor that could tip the country into recession.
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This is a breaking news report from DC Watchdog.