Sherif Adel (Washington)
In continuation of the series of declines that began last Wednesday, in the wake of the US Federal Reserve’s decision to raise the interest rate on its funds by 0.75%, the Dow Jones Industrial Average lost 486 points during trading on Friday, falling below the level of 30 thousand points for the first time in nearly a hundred days, to end Transactions are at their lowest level in 2022.
Major US stock indices extended their losses after increasing recession fears, after the Federal Reserve stuck to high interest rates, hoping to control the highest inflation in the country in more than four decades.
In the fifth weekly loss of the indices in six weeks, the Dow Jones Industrial Average declined by more than 4%, and the S&P 500 Index lost 4.65% of its value, and the Nasdaq Index continued its bad year by losing more than 5%, during the week’s trading.
Over the course of this year, the Nasdaq index, which is most affected by interest rate movements, has lost more than 30%, while the S&P 500 has lost more than 22%.
Against the Dow Jones Index, which remained outside the bear market, which stocks and indices entered with a loss of 20% of their value, so far, its losses reached from the highest point it reached in its history, last January, to 19.5%.
In a related context, the gold price ended Friday’s trading, down 1.5%, to reach the price of $ 1655 an ounce, after recording the price of 1646.60 during today’s trading, at the lowest level for the precious metal since the first week of April of 2020.