US stocks plunged Friday, capping four days of declines and lingering inflation and recession concerns. The Dow Jones Industrial Average fell more than 800 points before recovering at the close of trading, but remained below 30,000 for the first time since June.
The Dow Jones Industrial Average fell 483.83 points, or 1.61%, to 29,592.85. The S&P 500 fell 64.50 points or 1.72% to 3,693.49 and the Nasdaq Composite fell 198.88 points or 1.80% to 10,867.93.
On Wednesday, the Fed approved a 0.75%-point rate hike to reduce inflation. It was the third consecutive rate hike at that rate, and Fed Chair Jerome Powell said the central bank would do everything it could to stifle inflation. However, some analysts and investors say the central bank’s actions are too aggressive and could send the economy into recession.
Some of the tech stocks that fell included Apple (AAPL), which closed at $150.43, down $2.31 or 1.51%. Qualcomm’s (QCOM) stock price fell $2.49, or 2.01%, to close at $121.19.
“Based on our client discussions, a majority of equity investors believe that a hard landing scenario is inevitable and their focus is on the timing, magnitude and duration of a potential recession and investment strategies for that outlook,” Goldman Sachs wrote. David Kostin in a note to customers.