Shares on Wall Street plunged to a 13-month low

Yesterday, Wall Street witnessed another bloody session, in which shares fell to their lowest level in 13 months in an environment of widespread selling as investors became concerned about the Federal Reserve’s ability to fight inflation without causing a recession in the economy.

The Standard & Poor’s 500 index closed under 4,000 points for the first time since the end of March 2021, impacted by losses from major technology stocks, including Apple, and energy stocks, due to falling prices in the petrolium.

The Nasdaq fell to its lowest level since November 2020, while the CBOE, which measures stock volatility and the degree of fear, rose to a two-month high.

The 10-year US Treasury yield reached its highest level since November 2018 at the start of trading.

According to preliminary data, the Standard & Poor’s 500 benchmark index closed 132.79 points, or 3.22%, at 3,990.55 points, while the Nasdaq Composite index plunged 514.91 points, or 4.24%, closing the session at 11,629.75 points.

The Dow Jones Industrial Average closed in fall of 649.52 points, or 1.97%, to 32,249.85 points.

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