The Standard & Poor’s 500 Index Closes Lower as Recession Fears Grow By Reuters

(Archyde.com) – The Standard & Poor’s 500 and Nasdaq ended lower on Wednesday following weak economic data fueled fears that rapid interest increases by the Federal Reserve might tip the US economy into recession.

According to preliminary data, the Standard & Poor’s 500 index closed down 10.40 points, or 0.25 percent, to 4,090.20 points. The Nasdaq Composite Index fell 129.46 points, or 1.07 percent, to 11,996.86 points, while the industrial index fell 81.29 points, or 0.24 percent, to 33,483.67 points.

(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Mahmoud Abdel-Gawad)