Latest Global Business News

Stocks on Wall Street suffer worst day in eight months on Wednesday

 
Carnage on the markets.
U.S. stocks posted their worst single-day drop in months on Wednesday... with the Dow shedding more than 800 points.
Lee Seung-jae has more on the day Wall Street would rather forget.

On Wednesday,... Wall Street saw its biggest fall in eight months,... as the Dow Jones Industrial Average closed 831 points lower,... at 25-thousand-598.
The Nasdaq Composite plummeted 4 percent,... while the S&P 500 dropped 3-point-3 percent with the tech sector underperforming.
 
The broad index also posted a five-day losing streak,... it's longest since November 2016.
Both the Dow and the S&P 500 recorded their biggest one-day drops since February,... while the Nasdaq notched its largest single day sell-off since June 2016.
 
Just like eight months ago,... concerns over nascent inflation,... rising interest rates and the potential for the Federal Reserve to tighten its monetary policy drove the selling, as interest rate-sensitive areas of the market have suffered steep drops due to the upward move in borrowing costs.
 
wallstreet worst day in eight months 2018
 
The fast rise in yields has sent worries through Wall Street that higher borrowing costs will slow down the economy.
Meanwhile, with large global supply chains centering in Asia,... semiconductor stocks have taken a hit due to the ongoing trade tensions between the United States and China.
 
Experts say the trade spat is going to be a long-term issue.
Despite the huge losses on Wednesday,.. many market observers expect strong third-quarter earnings will help stocks recover.

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