U.S. stocks bounce back after sharp drop on economic concerns
CBSN
U.S. stocks rebounded Friday morning after tumbling the prior day on fears that economic activity would be curtailed by interest rate hikes to cool inflation.
After turning tail on Thursday, benchmark indexes rose in early morning trading. As of 9:47 EST on Friday, the Dow rose 94 points, or 0.3%, to end at 30,021. The S&P 500 climbed 22 points, or 59%, and the technology-heavy Nasdaq Composite gained 117 points, or 1%.
Wall Street's S&P 500 index lost 3.3% on Thursday and other major benchmarks also sank after Britain's central bank followed the Federal Reserve in raising its key rate. Central banks in Switzerland and Taiwan also raised rates.
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