Nasdaq slumps 4% as bets of big rate hikes grow despite Fed view
The Nasdaq plunged 4.6% and the other major indexes tumbled on Thursday, as Federal Reserve Chair Jerome Powell's less hawkish tone failed to ease investor expectations of bigger interest rate hikes this year.
Source: www.reuters.com
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(Reuters) - The Nasdaq index tumbled over 3% on Thursday, dragged down by megacap growth stocks and on track to erase most of the gains recorded in the previous session’s rally after the Federal Reserve’s less aggressive tone.
At 10:10 a.m. ET, the Dow Jones Industrial Average was down 612.08 points, or 1.80%, at 33,448.98, the S&P 500 was down 94.19 points, or 2.19%, at 4,205.98, and the Nasdaq Composite was down 402.84 points, or 3.11%, at 12,562.02.
Reporting by Devik Jain in Bengaluru; Editing by Sriraj Kalluvila
