Dow tumbles more than 500 points as investors fear the US economy is faltering
CNN
Stocks tumbled Thursday after fresh data stoked fears that the US economy is weakening as interest rates stay at a 23-year high.
Stocks tumbled Thursday after fresh data stoked fears that the US economy is weakening as interest rates stay at a 23-year high. The Dow slid 514 points, or 1.2%. The S&P 500 lost 1% and the Nasdaq Composite fell 1.5%. Data Thursday revealed that first-time applications for jobless benefits rose last week to an estimated 249,000 filings. That’s the highest tally since last August, according to the Labor Department. Meanwhile, continuing claims, filed by people who have received unemployment benefits for at least a week, jumped to 1.877 million. That’s the highest level since November 2021. “Given [Federal Reserve Chair Jerome] Powell all but guaranteed a [quarter-point] rate cut in September, this data doesn’t change our opinion that that is still the most likely outcome,” wrote Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, in a Thursday note. “However, the one thing that would cause the Fed to cut more dramatically … is if we had a material deterioration in the job market.” Investors cheered Wednesday after the Fed signaled at its policy meeting that a long-awaited rate cut is on the table for September. The Fed also noted that inflation is now only “somewhat” elevated, acknowledging the progress it has made in tamping down wayward price increases since the central bank began hiking rates in 2022. But the Fed also said that it is shifting its focus to the other part of its dual mandate: maximizing employment. That means Wall Street is looking for signs that the job market is staying strong and supports a soft landing for the economy, a scenario in which inflation cools without triggering a recession.
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So long to all that “free” money.
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