The Dow Jones Industrial Average tumbled below the key 30,000 level on Thursday as investors worried the Federal Reserve’s more aggressive approach toward inflation would bring the economy into a recession.
Markets had rallied on Wednesday after the Fed announced its largest rate hike since 1994, but reversed those gains and then some on Thursday.
The S&P 500 and Nasdaq Composite are both in bear market territory, down roughly 23% and 34% from their all-time highs in January and November, respectively. The Dow, meanwhile, is about 19% below its Jan. 5 all-time intraday high. Breaking above the 30,000 mark put the Dow more than 60% above its pandemic closing low at the time. While 30,000 isn’t necessarily a technical level for the Dow, these round 1,000-point thresholds are seen by many on Wall Street as key psychological levels for the market.Data out Thursday further indicated a dramatic slowdown in economic activity. Housing starts dropped 14% in May, topping the 2.6% decline expected by economists polled by Dow Jones.
Market sentiment appeared to sour once again Thursday as central banks around the globe adopted more aggressive policy stances and investors questioned whether the Fed can pull off a soft landing.
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