2023-06-24 07:40:27
In the midst of a massive sell-off
Dubai – Al Arabiya.net
Posted on: June 24, 2023: 10:13 AM GST Last updated: June 24, 2023: 11:40 AM GST
US stocks closed lower in the Friday session, at the end of a week dominated by the testimony of Federal Reserve Chairman Jerome Powell, in which he indicated the possibility of raising interest rates once more, but pledged that the central bank would exercise caution.
The three main indices of the market fell in a wide selling wave, and the “Nasdaq Composite” index was affected by the decline in the shares of large companies that are vulnerable to interest movements.
The “Nasdaq” index cut off an eight-week rise, the longest since March 2019, while the “Standard & Poor’s” index ended its five-week gains, in its longest winning streak since November 2021, according to “Archyde.com”.
The “Standard & Poor’s 500” and “Nasdaq” recorded their largest percentage losses during the week since early March, when the market was affected by the liquidity crisis in US local banks.
The “Standard & Poor’s 500” closed down 33.48 points, or 0.76%, at 4,348.41 points, while the “Nasdaq Composite” fell 138.09 points, or 1.01%, to 13,492.52 points. The Dow Jones Industrial Average fell 217.07 points, or 0.64%, to 33,729.64 points.
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