Dow Jones tumbles over 1000 points
US stocks fell sharply on May 18. The two major indices are going through their worst day since 2020. It has two indices, the Dow Jones Industrial Average and the S&P.
The Dow Jones Industrial Average fell 1164.52 points, or 3.6 per cent, to 31490.07 on Wednesday, its lowest level since March 2021. The S&P 500 declined 4 percent, the sharpest decline since June 2020. The tech-focused Nasdaq Composite fell 4.7 percent, or 566.37 points, to 11418.15. The Dow and the S&P posted their worst percentage decline since June 11, 2020.
Major retailers said rising costs, sluggish sales and supply-chain disruptions have hurt their profits. Shares of Target sank 25 percent, or $53.67, to $161.61 when the company posted quarterly earnings, which missed analysts’ expectations.
Worst performance since Black Monday
This is the worst one-day performance since ‘Black Monday’ in 1987. Dollar Tree, Dollar General and Costco Wholesale also declined. , In the case of Costco, the -day percentage has declined since 2003. After this result came out, a question has arisen whether the global economy can go towards recession. The benchmark index is now down more than 18 per cent from its record high at the beginning of the year.
