In sharp decline “Wall Street” Nasdaq in decline of 4.90% and Standard & Poor’s of 3.51%

US stocks closed on Thursday in downside significantly, as investor sentiment took a hit amid fears that a hike in Federal Reserve interest rates would not be enough to calm inflation.

All three major Wall Street indices erased Wednesday’s gains.

Shares of tech giants including Alphabet, Apple, Microsoft, Meta Platforms, Tesla and plummeted.

According to preliminary data, the Standard & Poor’s 500 index closed in drop of 148.70 points, or 3.51%, to 4149.31 points.

The Nasdaq Composite Index fell 635.21 points, or 4.90%, to 12,329.65 points, while the Dow Jones Industrial Average fell 1033.07 points, or 3.03%, to 33,027.99. points.

On Wednesday, the US central bank raised interest rates by half a percentage point, as expected.

Federal Reserve Chairman Jerome Powell explicitly ruled out a 75 basis point hike in an upcoming meeting.

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