5/5/22

The Dow plunged more than a thousand points today as investors try to figure where the Federal Reserve might be going.
Easily the worst day of the year on Wall Street. Today alone, the Dow fell over 3%, and the Nasdaq saw its biggest one-day decline in almost two years.

The Dow fell 1,063 to close at 32,997
The Nasdaq dropped 5% down 647 points.
The S&P lost 3.5% down 153 points.

**********

The volatility on Wall Street centers around the Federal Reserve and their willingness to raise rates, perhaps more than half a percent. Yesterday’s gains of three percent across the board were wiped out completely as investors continue to chew on inflation and wonder if we’re headed towards a bear market.

**********

The U-S isn’t alone in this. The Bank of England also hiked interest rates and warned of a recession and inflation above 10%.

**********

Meanwhile, more Americans applied for unemployment benefits last week… but the total number of people collecting that cash is at its lowest level in some 50 years.

**********

From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.