New York (CNN Business)US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession.
The Dow (INDU) tumbled 662 points, or 2.2%, in early afternoon trading. The S&P 500 (SPX) and the Nasdaq (COMP) Composite were each down 2.4%.
The Dow is on track to close the day below 30,000 points for the first time since June 17. A more sizable plunge could land the index at a two-year low Friday.
Investors don't have many places to make money at the moment: In addition to sinking stocks, the bond market is also selling off, sending US Treasury yields soaring to 11-year highs in recent days. The 10-year yield fell back a bit Friday but remains near 3.7%, and the 2-year yield is above 4.1%. That's a much better return than you can get with stocks these days, so high bond yields are adding pressure on the stock market.
Mortgage rates rise to nearly 6.3%, the highest level since 2008
Wall Street also remains concerned that the Fed's rate-hiking plan could continue to increase borrowing costs, hurting the corporate profits that support their stock prices. And if the Fed is serious about slowing the economy down to gain control of runaway inflation, a recession could cause some real pain for consumers who buy the products that publicly traded companies make.
The market sell-off could continue for some time, as stock valuations are compressed by the Fed's actions, said Ivan Feinseth, chief market strategist of Tigress Financial Intelligence. Investors "may not see a bottom until there's confirmation that inflation indicators turned significantly lower, he added.
In other words: There's much to worry about on Wall Street. CNN Business' Fear and Greed Index has fallen solidly into "Fear" mode in recent days and is nearing "Extreme Fear." Investors don't see much to smile about on the horizon.
作者：David Goldman，文章来源CNN，版权归原作者所有，如有侵权请联系本人删除。
风险提示：以上内容仅代表作者或嘉宾的观点，不代表 FOLLOWME 的任何观点及立场，且不代表 FOLLOWME 同意其说法或描述，也不构成任何投资建议。对于访问者根据 FOLLOWME 社区提供的信息所做出的一切行为，除非另有明确的书面承诺文件，否则本社区不承担任何形式的责任。
FOLLOWME 交易社区网址: www.followme.ceo
喜欢的话，赞赏支持一下
加载失败()